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5 October, 10:08

If a loan of 5000 naira is given at a rate of 5% of 8 months find the amount

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  1. 5 October, 11:09
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    S=5000 (1 + (0.05) (8)).

    Step-by-step explanation:

    The loan is 5000, the rate is 5% and years are 8. So the amount is 7000. To find amount we use formula, S=P (1+ni). P is 5000 which is a loan. N is a number of years and i is the rate of interest. So by putting values in the formula, S=5000 (1 + (0.05) (8)).
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