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

asked Mar 7, 2018 37.7k views

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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.

Benchpresser answered Mar 8, 2018

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1 vote

You just gotta figure out what 16% of 500 is.
500 * .16 = 80
Aaron must repay $80.

Talkol answered Mar 12, 2018

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