Question

A store offers a loan for $900to buy a computer. The terms of the loan are for 9% simple intrest and equal monthly payments for three years. What is the monthly payment?

Answer 1

Answer: 31.75

Explanation:

$900 (principle) x .09 (simple int rate) x 3 (years)= $243 (interest)

$243 (interest) + $900 (principle) = $1143

$1143 ÷ 3 = $31.75 per month

Answer 2

$29.

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