Question

Dominick borrowed $6,000 from a credit union at 9% simple interest for 30 months. What were his monthly installment payments to the nearest whole cent?

Answer 1

Answer:

A = $7,350.00

Step-by-step explanation:

Equation:

A = P(1 + rt)

First, converting R percent to r a decimal

r = R/100 = 9%/100 = 0.09 per year.

Putting time into years for simplicity,

30 months / 12 months/year = 2.5 years.

Solving our equation:

A = 6000(1 + (0.09 × 2.5)) = 7350

A = $7,350.00

The total amount accrued, principal plus interest, from simple interest on a principal of $6,000.00 at a rate of 9% per year for 2.5 years (30 months) is $7,350.00.

* Therefor, the answer is $7,350.00.

* Hopefully this helps:) Mark me the brainliest:)!!!