A Cooperative Society charges an interest of 5\(\frac{1}{2}\)% per annum on any amount borrowed by its members. If a member borrows N125,000, how much does he pay back after one year?
The rate of interest charge = 5\(\frac{1}{2}\)% p.a
The amount borrowed = N125, 000:00
Interest charge \(=\frac{11}{200} of N125,000\)
= 11 \(\times N625.00 = N6,875.00\)
The amount refunded by the member, with interest charged by the cooperative society
N125,000 + N6,875.00 = N131,875.00
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