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4 August, 15:20

The simple interest due on a six month loan of $2500 is $125. What is the monthly payment of the loan?

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  1. 4 August, 18:45
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    The monthly payment of the loan is = $ 437.5

    Step-by-step explanation:

    Given, the simple interest due on a six month loan of $2500 is $125.

    Total amount he paid = $ (2500+125)

    =$2625

    The monthly payment of the loan is = $ (2625:6)

    =$ 437.5
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