Question

Find the total amount to be paid back (that is,loan + interest ) on this loan: ₦2000 for 3weeks at ₦2 on each ₦10 interest per week.

Answer 1

To calculate the total amount to be paid back, we need to determine the interest for each week and then add it to the initial loan amount.

Given:
Loan amount = ₦2000
Interest rate = ₦2 on each ₦10
Duration = 3 weeks

Interest per week = (₦2 / ₦10) * ₦2000 = ₦400

Total interest for 3 weeks = ₦400 * 3 = ₦1200

Total amount to be paid back = Loan amount + Total interest
= ₦2000 + ₦1200
= ₦3200

Therefore, the total amount to be paid back is ₦3200.