Answer:

Step-by-step explanation:
6² ÷ 23
36 ÷ 23

Answer:
$145.5
Step-by-step explanation:
Period, t = August 8.to November 8 = 3 months
Simple interest formula :
A = P(1 + rt)
A = final amount =. 7200
7200 = P(1 + (0.0825 * 3/12))
7200 = P(1 + 0.020625)
7200 = P(1.020625)
7200 = 1.020625P
P = 7200 / 1.020625
P = 7054.5009
Bank discount :
A - P
7200 - 7054.5009
= $145.4991
= $145.5
General Idea:
We need to make use of the below formula to find the monthly payment..

Applying the concept:
Given:

Substituting the given in the formula we will get the monthly payment.

Conclusion:
The monthly payment during the initial period is <u>$1072</u>.
Since the decimal of 8% is 0.08 te fraction is 8/100 and in simpest form it is 2/25 The closest benchmark is 2/25