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PIT_PIT [208]
3 years ago
6

Sabrina took out a personal loan for$2,700 at an interest rate of 10.8% compounded monthly. she made arrangements to pay the loa

n off in 3 years. what will her monthly payment be?​
Mathematics
1 answer:
mixer [17]3 years ago
5 0

Use the formula I=Prt.

P is the principal (amount of money borrowed)

R is the interest rate (per year)

T is the time (expressed in years)

Plug in your numbers, remembering to change 10.8% to a decimal.

I=Prt

I=2700 x 0.108 x 3

I=874.8

12 X 3= 36 months

874.8 / 36=24.3

Therefore, Sabrina will pay $24.30 per month

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