Question

A man borrows 40,000 on a short-term loan is charged interest of 1 Naira on each 10 Naira per week how much does he pay back all together if you borrow the money for one

Answer 1

To calculate the total amount paid back by the man, we need to first determine the interest charged per week, and then multiply that by the number of weeks he borrowed the money for. However, it seems like the duration (the number of weeks or the time period) for the loan is not specified in the question. You've mentioned "if you borrow the money for one", but "one" what? One week? One month? One year?

Assuming you meant one week, since the interest rate is given on a weekly basis, here's how you would calculate it:

Interest rate per week = 1 Naira interest for each 10 Naira borrowed
Amount borrowed = 40,000 Naira

Total interest for one week = (Amount borrowed / 10) * interest rate
= (40,000 Naira / 10) * 1 Naira
= 4,000 * 1 Naira
= 4,000 Naira

So if the man borrowed the money for one week, he would owe 4,000 Naira in interest.

The total repayment amount would be the original amount borrowed plus the interest:
Total repayment = Amount borrowed + Total interest
= 40,000 Naira + 4,000 Naira
= 44,000 Naira

Therefore, after one week, if the interest is as stated, the man would have to pay back a total of 44,000 Naira. If the duration is different, the interest would need to be adjusted accordingly by multiplying the weekly interest by the number of weeks borrowed.