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 five years after securing a job, and it took him 2 1/3 years to get a job. The agreement he made with the financial institution was that every month a sum of 500 naira would be added to the money starting from the day he collected the money. How much will the student pay back?

Correct answer:

b =  1044000

Step-by-step explanation:

$$\begin{gathered} a=1000000 \\ y=2\frac{1}{3}=2+\frac{1}{3}=\frac{2\cdot 3+1}{3}=\frac{6+1}{3}=\frac{7}{3}=2\frac{1}{3}\doteq 2.3333\text{y} \\ m=(5+y)\cdot 12=(5+\frac{7}{3})\cdot 12=88\text{m} \\ b=a+m\cdot 500=1000000+88\cdot 500=1044000 \end{gathered}$$

Try another example