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18 February, 16:34

On a 30-day easy-access loan, $1350 is borrowed at a 20% monthly fee. What is the total cost to repay the easy-access loan?

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  1. 18 February, 17:52
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    To repay the easy access loan you will repay the borrowed amount and 20% of it.

    You can show this in math terms by multiplying the borrowed amount of $3500 by 120%. (This includes all of the original amount plus the 20% monthly fee).

    3500 x 1.2 = $4200
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