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2 years ago

Calculate the following scenario for a simple interest loan.

1 answer:

6 0

Simple interest is a method of calculating interest on an amount for n period of time with a rate of interest of r. The amount of monthly payments is $287.5.

<h3>What is simple interest?</h3>

Simple interest is a method of calculating interest on an amount for n period of time with a rate of interest of r. It is calculated with the help of the formula,

SI = (PRT)/100

where SI is the simple interest, P is the principal amount, R is the rate of interest, and T is the time period.

Given the following details about the simple interest loan as,

Principal amount, P = $3,000

Interest rate, r = 15%

Number of instalments = 12

Since there are 12 instalments each for a month, therefore, the time period for which the loan was there is 1 year.

Now, the interest for 1 year will be,

Interest amount = ($3,000 × 1 × 15)/100

= $450

Further, the total amount that is needed to be paid back is the sum of the principal amount and Interest amount.

Amount needed = $3,000 + $450

= $3,450

Moreover, there are 12 instalments, therefore, the number of monthly payments will be,

Monthly payment = $3,450/12 = $287.5

Hence, the amount of monthly payments is $287.5.

Learn more about Simple Interest here:

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3 years ago

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Hello!

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