gail borrowed $3600 from a bank to buy a washing machine she pays back the loan in 24 monthly instalments at a simple interest rate of 2% a)calculate the simple interest on the loan b)the total amount to be repaid c)if gail repays the loan in 24 equal instalments ,find the sum she pays for each instalments (hint interest is included in the instalment)

I = PRT

I = 3600 * 0.02 * 2

I = 144

(3600 + 144)/24 = ?

a) To calculate the simple interest on the loan, we can use the formula:

Simple Interest = Principal x Rate x Time

The Principal is the amount borrowed, which is $3600 in this case. The Rate is given as 2% or 0.02 in decimal form. The Time is the number of years, but in this case, we need to convert it to months since Gail is making monthly installments. As Gail is paying back the loan in 24 monthly installments, the time would be 24/12 = 2 years.

Plugging in the values into the formula, we get:

Simple Interest = $3600 x 0.02 x 2 = $144

Therefore, the simple interest on the loan is $144.

b) To find the total amount to be repaid, we need to add the simple interest to the principal amount borrowed.

Total Amount = Principal + Simple Interest
Total Amount = $3600 + $144 = $3744

Therefore, the total amount to be repaid is $3744.

c) To find the sum Gail pays for each installment, we need to divide the total amount to be repaid by the number of installments.

Sum per Installment = Total Amount / Number of Installments
Sum per Installment = $3744 / 24 = $156

Therefore, Gail pays $156 for each installment, including the interest.