Mr. Korir borrowed Kshs 3,600,000 from the bank to buy a residential house. He was required to repay the loan with a simple interest for a...

Mr. Korir borrowed Kshs 3,600,000 from the bank to buy a residential house. He was required to repay the loan with a
simple interest for a period of four years. The repayment amounted to kshs 111 000 per month. Calculate
a) i) the interest paid to the bank.
ii) the rate per annum of the simple interest.
b) The value of the house appreciated at the rate of 15% per annum. Calculate the value of the house after 4 years to the nearest hundreds.
c) After n years, the value of the house was Kshs 8,327,019. Find the value of n.

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sharon kalunda answered the question on May 7, 2019 at 10:59

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