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I want to buy a new bicycle to deliver newspapers. I do not have enough money but a friend offers to lend me the money. I agree to repay the money after 1 year with interest of 10% per year. I borrow R1500

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IamN1K0

Answer:

you will need to repay a total of R1650 to your friend after 1 year, which includes the borrowed amount and the interest of 10% per year.

Step-by-step explanation:

To calculate the total amount you will need to repay your friend after borrowing R1500 with a 10% annual interest rate for 1 year, follow these steps:

1. Determine the interest amount:

- Interest = Principal amount * Interest rate

- In this case, the interest would be: R1500 * 10% = R150

2. Calculate the total amount to repay:

- Total amount = Principal amount + Interest

- Total amount = R1500 + R150 = R1650

Therefore, you will need to repay a total of R1650 to your friend after 1 year, which includes the borrowed amount and the interest of 10% per year.

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