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What is the total amount to be paid on a 7year 1000000 loan at 11% p.a. flat interest?

Solution

What is the total amount to be paid on a 7year 1000000 loan at 11% p.a. flat interest?

Solution

Amount : 1770000

Solution steps

Translate the problem into an equation:

A = 1000000 (1 + 0.11 \cdot 7)

1000000 (1 + 0.11 \cdot 7) = 1770000

Amount : 1770000

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