You recently borrowed $500 from a friend. You signed a contract that requires you to pay back one third of the loan every month

Question

1 year ago

8

for three months. How much will you have to pay back each of the first two months? How much will you have to pay back the third month?

1 answer:

tester [92] · Answer 1 · 2023-04-05T18:59:50+03:00

The amount of money I would repay in the first month is $166.67.

The amount of money I would repay in the second month is $166.67.

The amount of money I would repay in the third month is $166.66.

<h3>How much would I repay each month?</h3>

In order to determine the money that would be repaid each of the first two months, multiply 1/3 by the amount of the loan.

1/3 x $500 = $166.67

Amount to be repaid in the third month = $500 - (166.67 x 2) = $166.66

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