Find the total amount to be paid back on #2000 for 3 weeks at #1 on each #10 interest per week
To find the total amount to be paid back on a loan, you need to calculate the principal amount plus the total interest.
First, let's break down the given information:
Principal amount (loan amount): £2000
Number of weeks: 3
Interest rate per week: £1 on each £10
To calculate the total interest, we need to calculate the interest for each week and then sum them up.
Step 1: Calculate the interest for each week.
The interest rate is £1 on each £10. Therefore, the interest rate as a fraction is 1/10, or 0.1.
To find the interest for each week, multiply the principal amount by the interest rate:
Interest for each week = Principal amount * Interest rate per week
= £2000 * 0.1
= £200
Step 2: Calculate the total interest for all weeks.
As we need to calculate the interest for 3 weeks, multiply the interest for each week by the number of weeks:
Total interest = Interest for each week * Number of weeks
= £200 * 3
= £600
Step 3: Calculate the total amount to be paid back.
To find the total amount, add the principal amount to the total interest:
Total amount to be paid back = Principal amount + Total interest
= £2000 + £600
= £2600
Therefore, the total amount to be paid back on a £2000 loan for 3 weeks, with £1 interest on each £10 per week, is £2600.