Question

Barry also looks into the cost of repaying an easy access loan for $1000. The up-front cost of the loan is $3 for every $20 borrowed, plus the original $1000. How much will this loan cost Barry in interest. ​

Answer 1

Answer:

Barry has to pay back $1150

Step-by-step explanation:

We can set up an equation to help solve this problem

x is the amount he has to pay back

x=1000+3(1000/20)

1000/20 lets us know how many times he borrowed 20 dollars

x=1000+3(50)

x=1000+150

x=1150

Barry has to pay back $1150