Femi collected a loan of 500,000 at an interest rate of 20% per annum. What amount will he pay back at the end of the year
Femi will pay back the loan amount plus the interest accrued over the year.
Interest = Loan amount * Interest rate = 500,000 * 20% = 100,000
Amount to be paid back = Loan amount + Interest = 500,000 + 100,000 = 600,000
Therefore, Femi will pay back 600,000 at the end of the year.
To calculate the amount Femi will pay back at the end of the year, you need to add the interest to the principal amount.
First, calculate the interest by multiplying the principal amount by the interest rate.
Interest = Principal * Rate
Interest = 500,000 * 0.20
Interest = 100,000
So, the interest on the loan is 100,000.
To calculate the total amount to be paid back, add the interest to the principal amount.
Total Amount = Principal + Interest
Total Amount = 500,000 + 100,000
Total Amount = 600,000
Therefore, Femi will have to pay back 600,000 at the end of the year.
To calculate the amount Femi will pay back at the end of the year, we need to consider the loan amount and the interest rate.
The interest amount can be calculated by multiplying the loan amount by the interest rate:
Interest Amount = Loan Amount * Interest Rate / 100
= 500,000 * 20 / 100
= 100,000
So, Femi will have to pay ₦100,000 as interest at the end of the year.
The total amount Femi will pay back is the sum of the loan amount and the interest amount:
Total Amount to Pay Back = Loan Amount + Interest Amount
= 500,000 + 100,000
= 600,000
Therefore, Femi will have to pay back ₦600,000 at the end of the year.