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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?
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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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.