Alejandro wants to take out a loan from his bank for $1,000 to buy a bicycle. The interest rate on the loan from the bank is 9%. He wants to pay the total amount in 3 monthly payments. What is the amount

asked Aug 3, 2024 160k views

5 votes

8.0k points

Please log in or register to add a comment.

1 vote

1000x 9%x3/12
=1000x0.09x0.25
=90x0.25
=22.5
1000+22.5
=1022.5
Alejandro would pay $1022.50 in interest for his loan.

Gnlogic answered Aug 9, 2024

8.0k points

Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

9.5m questions

12.2m answers