09-06-2017
Mathematics

contestada

John borrowed 1200 at 9% simple interest. He agrees to repay the loan by making 18 equal payments monthly. How much is the monthly payment?

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Bassoonist Bassoonist

10-06-2017

1200 times .09 = 108

so $108 interest

1200 +108 = 1308

1308 divided by 18 equals 72.67

so $72.67 a month

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