Find the total amount to be paid back (that is,loan + interest ) on this loan: ₦2000 for 3weeks at ₦2 on each ₦10 interest per week.
To calculate the total amount to be paid back, we need to determine the interest for each week and then add it to the initial loan amount.
Given:
Loan amount = ₦2000
Interest rate = ₦2 on each ₦10
Duration = 3 weeks
Interest per week = (₦2 / ₦10) * ₦2000 = ₦400
Total interest for 3 weeks = ₦400 * 3 = ₦1200
Total amount to be paid back = Loan amount + Total interest
= ₦2000 + ₦1200
= ₦3200
Therefore, the total amount to be paid back is ₦3200.
To calculate the total amount to be paid back on this loan, we need to determine the principal amount (loan) and the total interest.
The principal amount is ₦2000.
The interest rate is ₦2 on each ₦10, which means the interest rate is 20% (₦2/₦10 * 100%).
Now let's calculate the total interest for 3 weeks:
Total interest = (Principal amount * Interest rate * Number of weeks) / 100
= (₦2000 * 20% * 3) / 100
= ₦1200
Therefore, the total amount to be paid back, including the loan and interest, is:
Total amount = Principal amount + Total interest
= ₦2000 + ₦1200
= ₦3200
So, the total amount to be paid back on this loan is ₦3200.
To find the total amount to be paid back on the loan, we need to calculate the interest for each week and then add it to the loan amount.
First, let's calculate the interest for one week:
Interest per week = ₦2 per ₦10
Loan amount = ₦2000
One-tenth of the loan amount = ₦2000 / ₦10 = ₦200
Now, we can calculate the interest for one week by multiplying the one-tenth of the loan amount by the interest rate:
Interest for one week = ₦200 * ₦2 = ₦400
Since the loan term is three weeks, we need to multiply the interest for one week by three to find the total interest for the entire term:
Total interest for three weeks = ₦400 * 3 = ₦1200
Finally, we can find 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
Total amount to be paid back = ₦2000 + ₦1200 = ₦3200
Therefore, the total amount to be paid back on the loan is ₦3200.