Question

1. Marie took out a loan for $250 for a Nintendo Switch. She plans to pay the 1 point

loan off in 18 months. At an annual interest rate of 7%, how much will Marie
have paid altogether for the Nintendo Switch? *

Answer 1

Answer: $276.25

Explanation:

250 times .07 = 17.5

17.5 times 1.5 = 26.25

250 + 26.25 = 276.25