To calculate Basil's weekly repayment for a $6500 loan at a simple interest rate of 15.8% per annum over a period of 2 years, you can follow these steps:
Calculate the total interest to be paid over the 2-year period:
Total Interest = Principal (P) x Rate (R) x Time (T)
Total Interest = $6500 x 0.158 x 2
Total Interest = $2060
Calculate the total amount to be repaid, including the principal and interest:
Total Amount = Principal + Total Interest
Total Amount = $6500 + $2060
Total Amount = $8560
Calculate the total number of weeks in 2 years:
2 years x 52 weeks/year = 104 weeks
Divide the total amount by the number of weeks to find the weekly repayment:
Weekly Repayment = Total Amount / Total Number of Weeks
Weekly Repayment = $8560 / 104 weeks
Weekly Repayment ≈ $82.31
Rounding to the nearest dollar, Basil's weekly repayment would be approximately $82.