Question

A quick-loan company charges an 18% fee on any loan that is paid up to one week late. A woman borrowed $400 and paid the loan back 3 days late. What is the total she has to pay, including any fee?

Answer 1

Amount borrowed: $400

fee percent: 18 %

fee = 18% * $400 = 0.18 * $400 = $72

Total payment = amount borrowed + fee = $400 + $72 = $472.

Answer: $472.