If I will be given a loan of sh. 500000 and required to pay a monthly interest of 5%. How much will I pay after 8 months?
#Please i need your help guyz#
Do you mean 5%/yr.? If so:
P = Po + Po*r*t.
P = 500,000 + 500,000*(0.05/12)*8 =
To calculate the total amount you will pay after 8 months, you need to consider the monthly interest of 5%.
First, let's calculate the monthly interest amount:
Monthly Interest = Loan Amount * Interest Rate
Monthly Interest = 500000 * 0.05
Monthly Interest = 25000
Next, let's calculate the total interest amount for 8 months:
Total Interest = Monthly Interest * Number of Months
Total Interest = 25000 * 8
Total Interest = 200000
Finally, add the total interest to the loan amount to find the total amount you will have to pay:
Total Amount = Loan Amount + Total Interest
Total Amount = 500000 + 200000
Total Amount = 700000
Therefore, you will have to pay a total amount of sh. 700,000 after 8 months.
To calculate the total amount you will pay after 8 months, we need to consider the initial loan amount and the monthly interest.
Step 1: Calculate the monthly interest amount.
The monthly interest is calculated by multiplying the loan amount by the interest rate.
Interest = Loan Amount * Interest Rate
Interest = 500000 * 5%
Interest = 500000 * 0.05
Interest = 25000
Step 2: Calculate the total payment after 8 months.
To calculate the total payment, we multiply the monthly interest by the number of months.
Total Payment = Monthly Interest * Number of Months
Total Payment = 25000 * 8
Total Payment = 200000
Therefore, you will pay a total of sh. 200,000 after 8 months.