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

Aaron borrowed $500 at 16% annual interest rate for 12 months under an add-on-plan. How much does he have to repay?
asked 37.7k views
1 vote
Aaron borrowed $500 at 16% annual interest rate for 12 months under an add-on-plan. How much does he have to repay?

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User Darryl Braaten
by
8.1k points

2 Answers

6 votes
Actually he needs to repay $580 as he still has to repay the initial $500 but now also the $80 he accrued in interest.
answered
User Benchpresser
by
8.8k points
1 vote
You just gotta figure out what 16% of 500 is.
500 * .16 = 80
Aaron must repay $80.
answered
User Talkol
by
7.8k points
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