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There is no $98 + $1 anywhere in the equations nor is there any $.50
You are in debt $98 and only have $1, the only questions are how will you earn $97 and why are they not charging you interest.
That last bit of math in the meme is as you say jumping to an incorrect conclusion; from the what you owe them each horse to the change you kept yourself horse in the middle of the race without considering all the totals correctly.
Grand total borrowed
[50 + 50 = 100]
purchase price and change split between the three of you
[97 + 1 + 1 + 1 = 100]
what you need to finish paying them back does total $98:
[49 × 2 = 98]
what you're missing is $97 to reach that total:
[98 - 1 = 97]
what you owe each is half of that total:
[98 ÷ 2 = 49]
what you owe each plus the change they already have each equals the grand total borrowed:
[(49 + 1) + (49 + 1) = 100]
and is the same as what what you need in order to pay them back and the change they already have back
[98 + 1 + 1 = 100]