Before you start working on this problem, make sure you know
how to use a couple of the tools in your toolbox:
Tool #1: 37-1/2 percent means 0.375
Tool #2: In math problems, "of" almost always means "times".
====================================
Your question says
"37-1/2 percent of blank is 36".
Translate it with your tools:
0.375 times blank = 36 .
Divide each side by 0.375: Blank = 36 / 0.375 .
Now grab your pencil or your calculator, and find the value of that
fraction (do the division). Blank is equal to the value of the fraction.
To check your answer (find out whether it's correct):
Do exactly what the question says.
Multiply (0.375) times (your answer). If you get 36,
then your answer is correct. If not, it's not.
Answer:
Renata has a home loan for $150,000 at 7.5% interest for 30 years and her payment is $987.00 per month.
I have solved this using excel sheet that is attached here.
p = $150000
r = 7.5%
t = 
EMI = $987
You can see the excel sheet, after first month principle is $ 149,950.50 and after second month it is $149,900.69 .
I converted the four months into a fraction, and got 1/3. There's 12 months in a year, and divided by 4, I got 3.
