What is the total amount to be paid on the following loan: #2000 for 3 weeks at ₦1 on each ₦10 interest per week

1 answer

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.