Question

Business mathematics.

Mr Kula opens a shopfront where he will lend money to anyone ( without security) if they are willing to pay his interest rate of 2% per week compounded daily. The first customer borrows $5000 to buy a used car, but is unable to pay Mr Kula back for 12 weeks. How much will the customer have to pay back at this time?
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Answer 1

Answer:

$6200

Step-by-step explanation:

2% of $5000 = $100

So that's a hundred dollars per week

12 weeks x $100 = $1200

$5000 (The original amount the first customer borrowed)

+ $1200 (The interest rate)

= $6200

(P.S. Please give me a brainliest if you can)