What annual payment will discharge a debt of 808 due in 2 years at 2% per annum

Let the early installment be xThen 2x = 808 + (808-x)*2*1/100=> 2x = 808 + (1616-2x)/100=> 200x = 80800+1616-2x=> 202x = 82416=> x = 408Hope it is clear. If you have any doubt in any step, you can ask.

Small minds discuss persons. Average minds discuss events. Great minds discuss ideas. Really great minds discuss mathematics.

I have often admired the mystical way of Pythagoras, and the secret magic of numbers.

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?