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Topic Content:
- Calculating the Amount
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 = \( \scriptsize P \: + \: \normalsize \frac{PRT}{100} \)
Example 11.3.1:
Calculate the total amount to be paid for a ₦45000 loan ...
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