
Elementary Math Fractions, Percentages, Word Problems, Equations, Inequations, Factorization, Expansion 
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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: Thus: 
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 is the amount paid back at 2.5% interest, and is the amount paid back at 2% interest, and 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 From: Ottawa Ontario, Canada Posts: 14,597 Thanks: 1038  Re: Amount Quote:
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:
 
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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The interest to be paid by a borrower was reduced from 2.5% to 2%.if he paid N500.00 less,calculate the amount borrowed.,The interest to be paid by a borrower was reduced from 2.5% to 2%.If he paid N500.00 less,cal the amount borrowed.by Dr math
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