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23 January, 09:08

Jacey gets a $500

loan at a simple

annual interest

rate of 5%. She will

pay back the loan

in equal monthly

payments over one

year. How much is

each payment?

+1
Answers (1)
  1. 23 January, 09:17
    0
    She will have to pay 43.75$ monthly to fully pay the loan back in one year.

    Step-by-step explanation:

    5% of 500$ is 25 dollars.

    add 500 + 25 = 525

    divide 525 / 12 to represent the months of a year. = 43.75$
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