Ask Question
26 March, 19:52

A store offers a loan of $900 to buy a computer. The terms of the loan are for 5% simple interest and equal monthly payments for three years. What is the monthly payment?

+3
Answers (1)
  1. 26 March, 23:32
    0
    Interest Amount (I) = P x r x t = 900 x 5% x 3 = 135

    So total amount to be paid over 3 years = Principal Amount + Interest Amount = 135 + 900 = 1035 (over 3 years = 36 months) = 1035 / 36 = $28.75 per month
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “A store offers a loan of $900 to buy a computer. The terms of the loan are for 5% simple interest and equal monthly payments for three ...” in 📙 Mathematics if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers