Question

Ricardo borrows $1850 for 8 months at 12% interest.

What is the amount he will pay back at the end of the
loan period?
How do you know?

Answer 1

Ricardo will have to pay $1776 at the end of the loan period.

I know this because if you multiply 12% to 1850 you get 222.

Now you multiply 222 to 8 which gives you an answer of 1776.

Hope this helps. :)