Register
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.
210k views
6 votes
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
5.8k points

1 Answer

10 votes

Answer:

$36 a month

Explanation:

400÷0.08=32

400+32=$432

432÷12=$36

User Joseph Merdrignac
by
5.7k points
Ask a Question
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

5.8m questions

7.6m answers

Other Questions

Solve for y in terms of x. 2/3y - 4 = x y = x + 6 y = -x + 4 y = -x + 6 y = x + 4
Aliyah has $24 to spend on seven pencils. After buying them she had $10. How much did each pencil cost?
Evaluate a + b when a = –16.2 and b = –11.4 A. –27.6 B. –4.8 C. 4.8 D. 27.6
What is the value of x? (-4) - x = 5
Find the quotient of 3,078 ÷ 27. A) 104 B) 109 C) 114 D) 119
Link Copied!