Question

Calculate the total repayment for a $40,000 loan with N1 interest on every N10 per week for different durations.

A. $40,100 for 1 week
B. $41,200 for 3 weeks
C. $44,000 for 10 weeks
D. $40,000 for 1 week, $41,000 for 3 weeks, $45,000 for 10 weeks

Answer 1

The total repayment for a $40,000 loan with N1 interest on every N10 per week for different durations, we need to multiply the weekly interest rate by the number of weeks for each scenario is $40,100 for 1 week, $41,200 for 3 weeks, and $44,000 for 10 weeks.

Step-by-step explanation:

To calculate the total repayment for a $40,000 loan with N1 interest on every N10 per week for different durations, we need to multiply the weekly interest rate by the number of weeks for each scenario.

A. For 1 week: $40,000 + (1 week x N1 x 10) = $40,100

B. For 3 weeks: $40,000 + (3 weeks x N1 x 10) = $41,200

C. For 10 weeks: $40,000 + (10 weeks x N1 x 10) = $44,000

Therefore, the correct option is D, $40,000 for 1 week, $41,000 for 3 weeks, $45,000 for 10 weeks.