Question

Hayley borrowed $1,854 from her parents. She agreed to repay them in equal installments throughout the next 18 months. How much will Hayley still owe her parents after a year

Answer 1

Answer: $ 618

Explanation:

Money borrowed = $1,854

Total months taken to repay = 18 (Number of installments)

Money paid per month =
`\frac{\text{Money borrowed}}{\text{Number of installments}}`

`=(1854)/(18)=\$103`

Now , money paid in 1 year = 12 x $ 103 =$ 1236 [1 year = 12 months ]

After a year , Haley still owe = $1,854 - $ 1236= $ 618

Hence, Haley still owe her parents $618 after a year .