Question

​2.​A cellphone rental business borrows $1,500 to expand the business to a neighboring town. The owner has to make equal monthly payments for one year of $150 each. ​What is the total loan repayment amount? ​ ​How much interest does the owner pay? ​ ​What is the average annual percentage rate for this loan?

Answer 1

the repayment amount would be $1,800.

he pays 300 dollars more than he borrowed.

he pays 2.7% each month to repay what he borrowed.

Explanation:

150 x 12 = 1,800.

150% of 1,800 = 2.7%

hope this helps!