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## Frans paid R9600 as interest on a loan he took 5 years ago at 16% rate. What’s was the amount he took as loan?

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Frans paid R9600 as interest on a loan he took 5 years ago at 16% rate. What’s was the amount he took as loan?

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Mathematics
2 months
2021-08-04T09:12:42+00:00
2021-08-04T09:12:42+00:00 2 Answers
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## Answers ( )

Answer:The amount he took as loan = R12,000

Step-by-step explanation:Simple InterestLet loan amount be = P

R = 16%

T = 5years

I = 9600

Find PStep-by-step explanation:Interest (I)=R9600

Rate(R)=16%

Time (T)=5years

Principal (P)=?

P=100×I÷R×T

P=100×R9600÷16×5

P=R960000÷80

P=R12, 000