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Wade recently was unable to pay back his original payday loan that charges 1 7 . 5 % interest for a one - month period.
Wade recently was unable to pay back his original payday loan that charges
interest for a onemonth period. He had to rollover his loan and interest into a new onemonth loan.
Part A: What is Wades original repayment amount for a
$
loan after the first month?
$
Part B: Given that Wade had to rollover both his loan and interest, what is the repayment amount for his new loan?
$
Part C: Assuming Wade continued this rollover trend for the next five months, complete the following table to show the relationship between the repayment amount and the number of onemonth periods that have passed. Round each repayment amount to the nearest dollar.
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