SOLUTION: How much should a borrower pay at the end of 9 months for his loan of 50,000 at 5% at simple interest?

Algebra ->  Percentages: Solvers, Trainers, Word Problems and pie charts -> SOLUTION: How much should a borrower pay at the end of 9 months for his loan of 50,000 at 5% at simple interest?      Log On


   

Question 1175890: How much should a borrower pay at the end of 9 months for his loan of 50,000 at 5% at simple interest?
Answer by mananth(16946) About Me  (Show Source):
You can put this solution on YOUR website!
Loan 50,000 =P
rate simple interest 5% =R
period = 9 months = 3/4 year= N
Simple interest = P * N * R
Simple interest = 50000 * 3/4 * 0.05
= 1875
Amount to be paid after 9 months = 50000+1875