Find the total amount to be paid back to(that is loan+interest) on these loans;N2000 for 3 weeks at N1 on each N10 interest per week
U didn't give me the correct answers
To calculate the total amount to be paid back, we need to calculate the interest first and then add it to the loan amount.
Given:
Loan amount (principal) = N2000
Interest rate = N1 on each N10
Duration = 3 weeks
Step 1: Calculate the Weekly Interest
The interest rate is N1 on each N10, which means the interest is 10% of the loan amount.
Weekly interest = 10% of N2000 = 0.10 * N2000 = N200
Step 2: Calculate the Total Interest
Total interest = Weekly interest * Number of weeks
Total interest = N200 * 3 weeks = N600
Step 3: Calculate the Total Amount to be Paid Back
Total amount = Loan amount + Total interest
Total amount = N2000 + N600 = N2600
Therefore, the total amount to be paid back, including the loan amount and interest, is N2600.
To find the total amount to be paid back on a loan, we need to calculate both the loan amount and the interest.
First, let's calculate the interest for each week. Given that the interest is N1 on each N10, we can calculate the interest for 3 weeks as follows:
Week 1: N2000 * (1/10) = N200
Week 2: N2000 * (1/10) = N200
Week 3: N2000 * (1/10) = N200
Next, we can add up the interest amounts for each week:
Total interest = N200 + N200 + N200 = N600
Finally, we can calculate the total amount to be paid back by adding the loan amount and the total interest:
Total amount to be paid back = Loan amount + Total interest
= N2000 + N600
= N2600
Therefore, the total amount to be paid back, which includes both the loan amount and the interest, is N2600.
simple interest: 2000(1 + 3 * 1/10)
compound interest: 2000 (1 + 1/10)^3