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Barry also looks into the cost of repaying an easy access loan for $1,000. The up-front cost of the loan is $3 for every $20 borrowed, plus the original $1,000. How much will this loan cost barry in interest?.

Respuesta :

If Barry additionally considers the price of repaying a $1,000 quick access loan. For every $20 borrowed, there is an upfront fee of $3 in addition to the first $1000, Barry must then repay $1150.

What does a loan cost?

The equation is the name given to two or more expressions with an equal sign. We can construct an equation to assist in resolving this issue.

The amount he needs to repay is x.

x=1000+3(1000/20)

The number 1000/20 tells us how many times he borrowed $20.

x=1000+3(50)

x=1000+150

x=1150

Therefore, Barry must thus repay $1150.

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