determine how long it will take to repay a debt of kes66250 by weekly payments of KES 100 initiallywith an increase of 50 each month after that.how much is the final pay
To determine how long it will take to repay a debt of KES 66,250 by weekly payments of KES 100 initially, with an increase of KES 50 each month after that, we can break down the problem into steps.
Step 1: Calculate the number of weeks it will take to repay the initial amount of KES 100 per week.
To repay KES 66,250 by weekly payments of KES 100, divide the total debt by the weekly payment:
KES 66,250 / KES 100 = 662.5 weeks
Step 2: Calculate the number of months represented by 662.5 weeks.
Since there are approximately 4.33 weeks in a month, divide 662.5 weeks by 4.33 to get the number of months:
662.5 weeks / 4.33 weeks/month = 152.81 months
Step 3: Calculate the total increase in payment after the initial KES 100.
To find the total increase, we multiply the number of months (152.81) by the monthly increase (KES 50):
152.81 months × KES 50/month = KES 7,640.50
Step 4: Calculate the final payment by adding the total increase to the original debt.
To find the final payment, we add the total increase (KES 7,640.50) to the original debt (KES 66,250):
KES 66,250 + KES 7,640.50 = KES 73,890.50
Therefore, the final payment to repay the debt of KES 66,250, with weekly payments of KES 100 initially and an increase of KES 50 each month after that, is KES 73,890.50.