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You borrow $530 to buy a trombone. The simple annual interest rate is 10%. You pay off the loan after 2 years of equal monthly payments. How much is each payment?

You borrow $530 to buy a trombone. The simple annual interest rate is 10%. You pay off the loan after 2 years of equal monthly payments. How much is each payment?
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You borrow $530 to buy a trombone. The simple annual interest rate is 10%. You pay off the loan after 2 years of equal monthly payments. How much is each payment?

User Chanda Korat
by
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1 Answer

2 votes

Explanation:

interest=principal*rate*time/100

I=530*10*2/100

I=$106

User Helpermethod
by
8.2k points
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