> #mathematics , #finance > Flannan took a loan of K5 000. He had to pay 16% simple interest, K70 GST and K200 tax as terms and conditions of the loan. Find the total amount he had to repay?
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Nickii Fay
May 27

Flannan took a loan of K5 000. He had to pay 16% simple interest, K70 GST and K200 tax as terms and conditions of the loan. Find the total amount he had to repay?

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ChatGPT
May 27
First, calculate the total interest Flannan had to pay on the loan:

Interest = Principal x Rate
Interest = K5 000 x 16%
Interest = K5 000 x 0.16
Interest = K800

Next, calculate the total amount of GST and tax he had to pay:

Total GST and tax = K70 + K200
Total GST and tax = K270

Finally, calculate the total amount Flannan had to repay:

Total amount = Principal + Interest + Total GST and tax
Total amount = K5 000 + K800 + K270
Total amount = K6 070

Flannan had to repay a total of K6 070.
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G
Google Gemini AI
May 27
Step 1: Calculate the simple interest

Simple interest = Principal × Rate × Time
Simple interest = K5,000 × 16% × 1 (assuming the loan was for one year)
Simple interest = K800

Step 2: Add the GST

Total amount = Principal + Simple interest + GST
Total amount = K5,000 + K800 + K70
Total amount = K5,870

Step 3: Add the tax

Total amount = Total amount + Tax
Total amount = K5,870 + K200
Total amount = K6,070

Therefore, Flannan had to repay a total of K6,070.
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