SOLUTION: Mr B Orrow loans R2000 from the bank. They charge him 10% interest per annum. The loan s taken over 2 years. What is the total amount that will have to be repaid
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Question 836897: Mr B Orrow loans R2000 from the bank. They charge him 10% interest per annum. The loan s taken over 2 years. What is the total amount that will have to be repaid Answer by richwmiller(17219) (Show Source):
You can put this solution on YOUR website! 'loan' means to lend or to give out money
'borrow' is to receive the money.
Which did Mt B Orrow do?
If he loaned the money he receives interest if he borrowed money he pays interest.
