What annual payment will discharge a debt of 808 due in 2 years at 2% per annum?
I don't understand what this question means I don't want any solution for this question but can somebody express this in an easy way.
2026-03-31 07:57:17.1774943837
What annual payment will discharge a debt of 808 due
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I presume you know what charging interest means. If, for example, the interest rate is $2\%$ per year ("per annum" in Latin), this means every year the lender counts the debt as if it had increased by $2\%$. For example, if you owe $\$100$ now, in a year you will owe $\$102$ if you don't repay anything in the meantime.
In this case, you owe $\$808$ now. You are repaying it yearly ("annual payment"), over two years, and you are repaying the same sum in both years. You want to fully repay ("clear", "discharge") the debt after the second payment. If there was no interest, you would just pay $\$404$ every year. However, the interest is $2\%$, so you will need to pay more. How much?