Loan pay back

Imagine a situation a student got access to a student loan of about 1000000 naira to pay all his fees throughout his undergraduate studies without having an extra year. He is expected to pay back the money 5 year after securing a job and it took him 2 1/3 years to get a job. The agreement he made with the financial institution is that every month a sum of 500 naira will be added to money starting from the day he collected the money. How much will the student pay back?

Correct answer:

b =  1044000

Step-by-step explanation:

a=1000000 y=231=2+31=32 3+1=372.3333 y  m=(5+y) 12=(5+2.3333) 12=88 m  b=a+m 500=1000000+88 500=1044000



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