(a) Mr Sarfo borrowed $25,000 from Afiak financial services at 21% simple interest per annum for 3 years if he was able to pay back the loan in two years at equal yearly installments how much did he pay each year?
(b) Two consecutive numbers are such that the sum of thrice the smaller and twice the larger is 17.
find correct through three significant figures the smaller number as a percentage of the sum of the two numbers
(a) If Mr. Sarfo borrowed $25,000 at a simple interest rate of 21% per annum for 3 years, the total amount of interest he would have to pay is:
$25,000 x 21% x 3 = $15,750
So, the total amount he would have to pay back is:
$25,000 + $15,750 = $40,750
If he pays back the loan in two years at equal yearly installments, he would have to pay:
$40,750 / 2 = $20,375 per year
Therefore, Mr. Sarfo would have to pay $20,375 each year to pay off the loan in two years.
(b) Let's assume that the two consecutive numbers are x and x+1 (where x is the smaller number).
According to the problem, the sum of thrice the smaller and twice the larger is 17. So, we can write an equation as:
3x + 2(x+1) = 17
Simplifying this equation, we get:
5x + 2 = 17
5x = 15
x = 3
So, the smaller number is 3 and the larger number is 4.
The sum of the two numbers is 7, so the percentage that the smaller number represents of the sum is:
(3/7) x 100% = 42.86% (rounded to three significant figures)
Therefore, the smaller number represents 42.86% of the sum of the two numbers.