1. James took out a loan at a rate of 85% for siz months.
Then he had to pay back 1 876.50 dollars in six months.
Let’s find out how much did James originally borrowed before it has an interest rate:
=> 1 876.50 dollars is the amount he paid with 8.5% interest already.
=> 8.5% / 100 = .085
Now, let’s multiply
=> 1 876.50 * .085 = 159.5025
we now have the value of 159.5025, Now subtract,
=> 1 876.50 – 159.5025 = 1716.9975 or approximately 1717 dollars.