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If you take out a loan for $400.00 at a rate of 8% simple interest and pay it off over 1 year, what will be your monthly payment? You will pay _____ a month. 10 points, please a…

If you take out a loan for $400.00 at a rate of 8% simple interest and pay it off over 1 year, what will be your monthly payment? You will pay _____ a month. 10 points, please a…
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If you take out a loan for $400.00 at a rate of 8% simple interest and pay it off over 1 year, what will be your monthly payment? You will pay _____ a month.

10 points, please answer.

User MattMS
by
8.3k points

1 Answer

10 votes

Answer:

$36 a month

Explanation:

400÷0.08=32

400+32=$432

432÷12=$36

User Joseph Merdrignac
by
8.2k points
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