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A music company offers a loan to buy a drum set for $1500. The simple interest is 11.8% and the loan will be paid in equal monthly payments for 2 years. What is the monthly payment?
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A music company offers a loan to buy a drum set for $1500. The simple interest is 11.8% and the loan will be paid in equal monthly payments for 2 years. What is the monthly payment?

User Dhamu
by
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1 Answer

0 votes
I = Prt

I = 1500(.118)(2) = 354

Total amount to pay = $1854
Monthly payment = $77.25

I hope this helps!
User Resnyanskiy
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