It will take the man 3 years to finish paying the debt.
Here's the calculation:
To find out how many months it will take him to pay back the loan, we divide the total loan amount by the monthly installment:
90,000 ÷ 2,500 = 36
So, he will make 36 monthly payments of 2,500 naira each.
To convert this to years, we divide the number of months by 12:
36 ÷ 12 = 3
Therefore, it will take him 3 years to finish paying back the debt.
A man took a loan of 90,000 naira without interest for a cooperative society and he is to be paying back 2,500 naira on monthly installment. how many years will it take him to finish paying the debt?
1 answer