Question

A man borrows N40 000 on a short term loan and is charged interest of N1 on each N10 per week. How much does he pay beck althogether, if he borrows the money: For 1 week?

Answer 1

Answer:

$\mathrm{N} 80,000$

Step-by-step explanation:

Step 1: (a) If the man is charged N1 for each N10 per week, then he will be charged

$\frac{N 40,000}{10}$ for 1 week as interest.

Interest for 1 week $=\frac{N 40,000}{10}$

Interest for 1 week $=\mathrm{N} 4,000$

Amount paid back $=\mathrm{N} 40000+\mathrm{N} 4000=\mathrm{N} 44000$

Step 2: (b) Interest for 3 weeks = Interest in one week $\times 3$

$\mathrm{N} 4000 \times 3=\mathrm{N} 12,000$

Amount paid back $=\mathrm{N} 40,000+\mathrm{N} 12,000=\mathrm{N} 52,000$

Step 3: (c) Interest for 10 weeks = Interest for one week $\times 10$

$=\mathrm{N} 4000 \times 10=\mathrm{N} 40,000$

Amount paid back = N40,000 $+\mathrm{N} 40,000$

$=\mathrm{N} 80,000$

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