What's the loan + interest for the following
1. 500naira for two weeks at 100naira per week.
2. 2000naira for 3weeks at 1naira in each 10naira per week
To calculate the loan amount plus interest for both scenarios, we can follow these steps:
1. For the first scenario:
a. The loan amount is ₦500.
b. The interest rate per week is ₦100.
c. Since the loan term is two weeks, we need to multiply the interest rate by two to get the total interest for the duration of the loan: ₦100 * 2 = ₦200.
d. To find the total loan plus interest, we add the loan amount and the interest: ₦500 + ₦200 = ₦700.
Therefore, for the first scenario, the loan amount plus interest is ₦700.
2. For the second scenario:
a. The loan amount is ₦2000.
b. The interest rate per week is ₦1 for every ₦10.
c. We can first calculate the number of times the interest rate applies in three weeks. Since the interest rate is ₦1 for every ₦10, we divide the loan amount by ten to determine the number of times the interest rate applies: ₦2000 / ₦10 = 200.
d. Next, we multiply the number of times the interest rate applies by the additional interest: 200 * ₦1 = ₦200.
e. Finally, we need to add the loan amount to the additional interest: ₦2000 + ₦200 = ₦2200.
Therefore, for the second scenario, the loan amount plus interest is ₦2200.