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 October 18th, 2013, 11:46 AM #1 Senior Member     Joined: Jan 2012 Posts: 745 Thanks: 7 Amount The intrest to be paid by a borrower was reduce from 2 1/2 % to 2%. If he paid N500.00 less, calculate the amount borrowed. Let the intrest be x. I don't know how to tackle this problem. How do I go about it.
 October 18th, 2013, 12:12 PM #2 Senior Member     Joined: Jul 2010 From: St. Augustine, FL., U.S.A.'s oldest city Posts: 12,211 Thanks: 521 Math Focus: Calculus/ODEs Re: Amount I would write: $A_1=1.025A$ $A_2=1.02A=1.025A-500$ Thus: $0.005A=500$ $A=100000$
 October 18th, 2013, 12:45 PM #3 Senior Member     Joined: Jan 2012 Posts: 745 Thanks: 7 Re: Amount "A1" means what?
 October 18th, 2013, 12:48 PM #4 Senior Member     Joined: Jul 2010 From: St. Augustine, FL., U.S.A.'s oldest city Posts: 12,211 Thanks: 521 Math Focus: Calculus/ODEs Re: Amount $A_1$ is the amount paid back at 2.5% interest, and $A_2$ is the amount paid back at 2% interest, and $A$ is the amount borrowed.
 October 18th, 2013, 06:01 PM #5 Senior Member     Joined: Jan 2012 Posts: 745 Thanks: 7 Re: Amount How can that be three things at the same time?
October 18th, 2013, 06:47 PM   #6
Math Team

Joined: Oct 2011

Posts: 14,597
Thanks: 1038

Re: Amount

Quote:
 Originally Posted by Chikis How can that be three things at the same time?
100,000 : amount borrowed
102,000 : amount due if 2%
102,500 : amount due if 2.5%
Anything else you want to know?

October 18th, 2013, 07:03 PM   #7
Senior Member

Joined: Jul 2010
From: St. Augustine, FL., U.S.A.'s oldest city

Posts: 12,211
Thanks: 521

Math Focus: Calculus/ODEs
Re: Amount

Quote:
 Originally Posted by Chikis How can that be three things at the same time?
They are three separate variables.

 October 18th, 2013, 10:25 PM #8 Senior Member     Joined: Jan 2012 Posts: 745 Thanks: 7 Re: Amount How did you get to know that N100, 000 was the amount borrowed? Is the amount borrowed also the principal? How did you get to know that N102, 000 was the amount due if 2% and N105, 500 was the amount due if 2.5%?
 October 19th, 2013, 11:51 AM #9 Math Team   Joined: Oct 2011 From: Ottawa Ontario, Canada Posts: 14,597 Thanks: 1038 Re: Amount Your problem should give the "time" over which the 500 is saved. Since it doesn't, 1 year is assumed...OK?
 October 21st, 2013, 10:57 AM #10 Senior Member     Joined: Jan 2012 Posts: 745 Thanks: 7 Re: Amount How did you calculate N102, 000 as the amount due if 2%? I know that N100, 000 is N500 less becuase Amount = (500*100)/0.5 = N100, 000 Now, can you explain to me why N102, 000 is the amount due if 2%? And N102, 500 the amount due if 2.5%? Thank you.

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