flamejetrocket2 flamejetrocket2

02-04-2020
Mathematics

contestada

Jacey gets a $500
loan at a simple
annual interest
rate of 5%. She will
pay back the loan
in equal monthly
payments over one
year. How much is
each payment?

Respuesta :

lilgunter12 lilgunter12

02-04-2020

Answer:

She will have to pay 43.75$ monthly to fully pay the loan back in one year.

Step-by-step explanation:

5% of 500$ is 25 dollars.

add 500 + 25 = 525

divide 525 / 12 to represent the months of a year. = 43.75$

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