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27 September, 08:02

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

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Answers (2)
  1. 27 September, 08:08
    0
    You just gotta figure out what 16% of 500 is.

    500 *.16 = 80

    Aaron must repay $80.
  2. 27 September, 08:25
    0
    Actually he needs to repay $580 as he still has to repay the initial $500 but now also the $80 he accrued in interest.
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