Question

Mr.John borrowed $5,340.00 from the bank at 9.5% per annum simple interest for 5 years. Calculate The value of each montly installments ​

Answer 1

5,340x.095=507.3

507.3÷5=101.46

101.46÷12=$8.45 interest

5,340÷5=1068

1068÷12= $89

89+8.45=$97.45

answer $97.45 a month