Question 1127563
simple or compound interest? 
Simple: Prt = interest, 5000(0.03*24) = 3600 this is the interest
5000 + 3600 = 8600 this is the amount to repay after 2 years
Monthly, his interest amounts to 5000*0.03 = 150 so if he pays 150/month he would only be paying the interest and would never get to repay the 5000