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AveGali [126]
4 years ago
10

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?
Mathematics
1 answer:
Vlada [557]4 years ago
4 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
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