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October 18th, 2013, 11:46 AM   #1
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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.
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October 18th, 2013, 12:12 PM   #2
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Re: Amount

I would write:





Thus:



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October 18th, 2013, 12:45 PM   #3
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Re: Amount

"A1" means what?
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October 18th, 2013, 12:48 PM   #4
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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.
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October 18th, 2013, 06:01 PM   #5
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Re: Amount

How can that be three things at the same time?
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October 18th, 2013, 06:47 PM   #6
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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?
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October 18th, 2013, 07:03 PM   #7
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Re: Amount

Quote:
Originally Posted by Chikis
How can that be three things at the same time?
They are three separate variables.
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October 18th, 2013, 10:25 PM   #8
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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%?
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October 19th, 2013, 11:51 AM   #9
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Re: Amount

Your problem should give the "time" over which the 500 is saved.
Since it doesn't, 1 year is assumed...OK?
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October 21st, 2013, 10:57 AM   #10
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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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