Question

An advertisement for a loan company states that you only pay 13 cents per day for each $100 borrowed. If you borrow $500 for 50 days, what amount will you have to repay?

Answer 1

Answer

Rate of interest = 13% for 100 per day

Borrowed = 500 Rs.

No of days = 50

Interest =( 500 × 65 × 50) / 100

= 16250 Rs.

Total = 500 + 16250

Total = 16750 Rs

Answer 2

Answer:

I will have to repay $3750 .