Suppose Elroy wants to get a loan for $ 7 , 000 at an interest rate of 6 % for 2 years to be paid back in 24 monthly installment

Question

3 years ago

9

s. Calculate this loan using simple interest. What is the amount of the monthly payments? Round the answer to the nearest cent (hundredth).

1 answer:

Serhud [2] · Answer 1 · 2022-10-19T11:15:48+03:00

Serhud [2]3 years ago

5 0

Answer:

$326.67

Step-by-step explanation:

Amount of Interest=7000(6%)(2)=$840

Monthly installment=7000+840/12=$326.67 (nearest hundredth)