How much money are you borrowing

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Reference no: EM131515220

You need some money today and the only friend you have that has any is your miserly friend. He agrees to loan you the money you need, if you make payments of $50 a month for the next six months. In keeping with his reputation, he requires that the first payment be paid today. He also charges you 1.5 percent interest per month. How much money are you borrowing?

A. $164.09

B. $168.22

C. $169.50

D. $170.68

E. $280.07

Answer and Show step by step work .

Reference no: EM131515220

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