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emmasim [6.3K]
3 years ago
12

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

ly payment?
Mathematics
1 answer:
Ratling [72]3 years ago
5 0

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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