contestada

A music company offers a loan to buy a drum set for $1500. The simple interest is 11.8% and the loan will be paid in equal monthly payments for 2 years. What is the monthly payment?

Respuesta :

MissPhiladelphia
Simple interest is determined by multiplying the daily interest rate by the principal by the number of days that elapse between payments. It is expressed as:

I = Prt

I = 1500(.118)(2) = 354

Total amount to pay = $1854
Monthly payment = $77.25

Hope this answers the question. Have a nice day.

Otras preguntas