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You recently borrowed $500 from a friend. You signed a contract that requires you to pay back one third of the loan every month for three months. How much will you have to pay back each of the first two months? How much will you have to pay back the third month?

Respuesta :

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.

How much would I repay each month?

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

To learn more about loans, please check: https://brainly.com/question/25811386

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