3 years ago

Please help this is due today at 2pm Thanks!

Mathematics

1 answer:

Alja [10]3 years ago

7 0

The formula for simple interest is:

A = P(1+rt)

Where P = amount borrowed

r = interest rate

t = time of loan

A = 5000(1 + 0.125*2)

A =6,250

The total amount she paid back was $6,250

For her monthly payment divide total paid back by 24 months ( 2 years = 24 months)

6250 / 24 = 260.42

Her monthly payment was $260.42

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