one lady borrowed sh. 100,000. If she is required to pay an interest of 5% of the borrowed cash every month, how much money will she pay after fove months?
#please people help me this question#
She will pay 5,000 per month after five months. For the first five months, she pays 5,000 per month.
To calculate the amount of money the lady will pay after five months, we need to calculate the interest payment for each month and then sum them up.
First, calculate the interest payment for each month: Multiply the borrowed amount by the interest rate (5%) to find the monthly interest payment.
Monthly interest payment = (Borrowed amount) x (Interest rate)
= (100,000) x (5%)
= 100,000 x 0.05
= 5,000
The monthly interest payment is 5,000 shillings.
Next, calculate the total amount paid after five months: Multiply the monthly interest payment by the number of months.
Total amount paid = (Monthly interest payment) x (Number of months)
= 5,000 x 5
= 25,000
She will need to pay 25,000 shillings after five months.