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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