Answer:
$62
Explanation:
To start off, we will calculate the end amount he will pay:
A = P(1 + rt)
= 1800(1+3(0.08)
= 1800(1+0.24)
= 1800(1.24)
= 2232
He will have to pay 2232 dollars in 3 years
Since he plans to pay it off with monthly payments throughout the 3 years, we will have that loan divided by the amount of times he will make those monthly payments
3 years = 3 ( 12 months )
= 36 months
He will make 36 monthly payments
2232 / 36 = 62
So, in each monthly payment, he will pay $62.
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