Question

Morgan took out a $500 cash advance on her credit card. If the interest rate is 9%, and it
takes her 1 year to pay back the loan, what is the total amount of money Morgan will have to
pay back to her credit card?

Answer 1

Answer:

$1040

Step-by-step explanation:

9 ÷ 100 = 0.09 × 500 = 45

45 × 12 = 540

500 + 540 = 1040