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jillybean171
jillybean171 jillybean171
  • 03-01-2017
  • Mathematics
Answered

Aaron borrowed $500 at 16% annual interest rate for 12 months under an add-on-plan. How much does he have to repay?

Verified Answer :

jakannaking2299
jakannaking2299 jakannaking2299
  • 03-01-2017

You just gotta figure out what 16% of 500 is.
500 * .16 = 80
Aaron must repay $80.

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cg2929
cg2929 cg2929
  • 03-01-2017

Actually he needs to repay $580 as he still has to repay the initial $500 but now also the $80 he accrued in interest.

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