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attashe74 [19]
3 years ago
12

A music company offers a loan to buy a drum set for $1500. The simple interest is 11.8% and the loan will be paid in equal month

ly payments for 2 years. What is the monthly payment?
Mathematics
1 answer:
Mrrafil [7]3 years ago
3 0
Simple interest<span> is determined by multiplying the daily </span>interest<span> rate by the principal by the number of days that elapse between payments. It is expressed as:

I = Prt

I = 1500(.118)(2) = 354

Total amount to pay = $1854
Monthly payment = $77.25

Hope this answers the question. Have a nice day.</span>
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