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

03-01-2017

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

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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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