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Nigel borrows $250 and pays 5.5% simple interest each year.If he pays back the money in on year what is the total amount that he pays?

Nigel borrows $250 and pays 5.5% simple interest each year.If he pays back the money in on year what is the total amount that he pays?
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3 votes
Nigel borrows $250 and pays 5.5% simple interest each year.If he pays back the money in on year what is the total amount that he pays?

User Atturri
by
8.2k points

1 Answer

5 votes
he pays about 45$ per year
User Agentgonzo
by
8.0k points
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