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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asked Dec 8, 2023 38.8k views

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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?

Mathematics
high-school

Chanda Korat asked

by Chanda Korat

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Explanation:

interest=principal*rate*time/100

I=530*10*2/100

I=$106

Helpermethod answered Dec 14, 2023

by Helpermethod

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