Find the total amount to be paid back(that is,loan + interest) on these loans:

Question

2000naira for 3weeks at 1naira in each 10naira per week

Answer 1

To calculate the total amount to be paid back on this loan, we need to determine the interest first.

The interest rate is 1 naira for every 10 naira borrowed per week, so for a 3-week loan of 2000 naira, the total interest would be:

(2000 naira / 10 naira) * 1 naira/week * 3 weeks = 600 naira

Now, let's add the loan amount and the interest to find the total amount to be paid back:

Loan amount: 2000 naira
Interest: 600 naira
Total amount to be paid back: 2000 naira + 600 naira = 2600 naira