posted by Sam 101 on .
A loan of 12,000 was borrowed from a bank at 14% per annum.
Calculate the interest of the loan at the end of the first year.
And the total amount owing at the end of the first year.
A repayment was made of 7,800 at the start of the second year.
Calculate the amount still outstanding at the start of the second year.
And the interest of the outstanding amount at the end of the second year.