Register
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?
38.8k views
0 votes
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
8.1k points

1 Answer

2 votes

Explanation:

interest=principal*rate*time/100

I=530*10*2/100

I=$106

User Helpermethod
by
8.2k points
← Prev Question Next Question →

Related questions

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

9.4m questions

12.2m answers

Other Questions

How do you can you solve this problem 37 + y = 87; y =
What is .725 as a fraction
How do you estimate of 4 5/8 X 1/3
A bathtub is being filled with water. After 3 minutes 4/5 of the tub is full. Assuming the rate is constant, how much longer will it take to fill the tub?
i have a field 60m long and 110 wide going to be paved i ordered 660000000cm cubed of cement  how thick must the cement be to cover field
Link Copied!