LOANS Jeremy borrowed $1600 to buy a computer at 8.5% interest. If he pays the Loan back over 2 years, how much will he pay back including interest?

Nobody can answer this question because too many details are missing. Loans are not this simple. Is he paying 8.5% each year only on the unpaid remainder after each payment and how much and how often did he pay?

My Math says that it could be $50,000 by the time they are done.

Sure hope not.

For simple interest the formula is:
Principal * Rate * Time = Interest