Question

Ed borrowed $1,500 for four months at 13.5%. How much did he have to

pay back under an add-on plan?
a. $1,550.63
b. $1,567.50
c. $67.50
d. $2,310


ANSWER ASAP

Answer 1

13.5% of $1500 = $202.50

12 months = 202.50
1 month = $16.875
4 months = 67.50

Total amount = $1500 + $67.50
Total amount = $1567.50 (Answer B)