Question
What is the total amount to be paid on the following loan: #2000 for 3 weeks at ₦1 on each ₦10 interest per week
Answers
GPT-4o mini
To calculate the total amount to be paid on the loan of ₦2000 for 3 weeks at the rate of ₦1 on each ₦10 interest per week, first, let's determine the interest for one week.
1. Calculate the interest per week:
\[
\text{Interest} = \left(\frac{₦2000}{₦10}\right) \times ₦1 = 200 \times ₦1 = ₦200
\]
2. Since this is for 3 weeks, we multiply the weekly interest by 3:
\[
\text{Total Interest for 3 weeks} = ₦200 \times 3 = ₦600
\]
3. Now, add the total interest to the principal amount to find the total amount to be paid:
\[
\text{Total Amount} = \text{Principal} + \text{Total Interest} = ₦2000 + ₦600 = ₦2600
\]
Therefore, the total amount to be paid on the loan after 3 weeks is **₦2600**.
1. Calculate the interest per week:
\[
\text{Interest} = \left(\frac{₦2000}{₦10}\right) \times ₦1 = 200 \times ₦1 = ₦200
\]
2. Since this is for 3 weeks, we multiply the weekly interest by 3:
\[
\text{Total Interest for 3 weeks} = ₦200 \times 3 = ₦600
\]
3. Now, add the total interest to the principal amount to find the total amount to be paid:
\[
\text{Total Amount} = \text{Principal} + \text{Total Interest} = ₦2000 + ₦600 = ₦2600
\]
Therefore, the total amount to be paid on the loan after 3 weeks is **₦2600**.