2.A cellphone rental business borrows $1,500 to expand the business to a neighboring town. The owner has to make equal monthly

Question

4 years ago

10

2.A cellphone rental business borrows $1,500 to expand the business to a neighboring town. The owner has to make equal monthly

payments for one year of $150 each. What is the total loan repayment amount? How much interest does the owner pay? What is the average annual percentage rate for this loan?

Mathematics

1 answer:

Schach [20] · Answer 1 · 2022-01-04T04:50:27+03:00

Schach [20]4 years ago

4 0

Answer:

the repayment amount would be $1,800.

he pays 300 dollars more than he borrowed.

he pays 2.7% each month to repay what he borrowed.

Step-by-step explanation:

150 x 12 = 1,800.

150% of 1,800 = 2.7%

hope this helps!

​2.​A cellphone rental business borrows $1,500 to expand the business to a neighboring town. The owner has to make equal monthly

2.A cellphone rental business borrows $1,500 to expand the business to a neighboring town. The owner has to make equal monthly