Question

A man borrowed naira 1250 and paid interest of 300 naira in 4 years, what was the rate of interest​

Answer 1

The answer is 6%

Explanation:

`i = (prt)/(100)`

300=1250×4×r/100

30000=5000r

divide both sides by 5000

5000r/5000=30000/5000

r=6%