We first start off with the equation \(450 * .005 = X\). X stands for the total amount he pays every 7 days.

X=2.25 dollars.

If he has paid back 18 dollars already, then we can divide the amount he pays (2.25) by 18 to get how many weeks he has paid so far.

\(18 / 2.25 = 8\)

He has paid for 8 weeks. Since the question is asking for days, we multiply 8 by 7 to get the answer.

8 * 7 = 56

The correct answer is E.

Explanation

1% of $450 is $4.50, so 0.5% is $2.25. That’s the amount Raymond pays back every week.

Because he has paid back $18 in total, divide 18 by 2.25 to determine the total number of payments:
\(\frac{18}{2.25}= 8.\)


So Raymond has made 8 payments, once every 7 days. The payments themselves spread over only a 7-week period (in the same way that 2 payments spread over only a 1-week period).

Raymond waited 1 week to begin repayment, however, so a total of 8 weeks, or 56 days, have passed since he borrowed the money.
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The correct answer is E (56)

How did everyone know to keep taking .005*450 and not .005*(450-2.225) and so on?

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