How many years would it take for £55000 to recieve £46200 simple interest at a rate of 12% p.a.?
Interest for 1 year would be=55,000 X .12=6,600 Interest earned in 1 year. Therefore, we need:
46,200 / 6,600=7 Years to earn 46,200 pounds.
George borrows £8000 the simple interest rate is 9.5% p.a. Calculate her monthly repayment if she takes the loan out for 2 years.
