Calculating the Amount

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Amount is the sum of the principal and the interest for a number of years.

It is the total amount to be paid back after a loan expires.

i.e. Amount = Principal + Interest

A = P + I

A = \( \scriptsize P \: + \: \normalsize \frac{PRT}{100} \)

Calculate the total amount to be paid for a ₦45000 loan for 6 years at

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