You get a personal loan of $5,000 with 12% simple interest to be paid over 30 months. What is your monthly payment?
$150.00
$166.67
$216.67
$175.00
To calculate the monthly payment, we can use the following formula:
```
Monthly payment = (Principal amount + Interest) / Number of months
```
First, we need to calculate the interest. We can do this by multiplying the principal amount by the interest rate and the number of months:
```
Interest = Principal amount * Interest rate * Number of months
```
```
Interest = $5,000 * 0.12 * 30 / 12
```
```
Interest = $600
```
Now, we can calculate the monthly payment:
```
Monthly payment = ($5,000 + $600) / 30
```
```
Monthly payment = $166.67
```
Therefore, the answer to the question is **$166.67**.
The correct answer is **B) $166.67**.