jenny9917 jenny9917

01-02-2021
Business

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A business borrows money from the bank to carry out repairs in their shop. They borrow £10,000. The interest is 5%. They will pay off the loan in full in one year. How much is the total repayment?

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Samawati Samawati

01-02-2021

Answer:

£10,500

Explanation:

Amount paid will the principal amount plus interest.

Principal amount = £10,000.

Interest = p x r x t

r = interest rate : 5% or 0.05

t= 1 year

= £10,000 x 0.05 x 1

=£500

Total payment

= £10,000 + £500

=£10,500

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