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Mary takes out a loan for $ 5 , 000 at a simple interest rate of 3.5 % to be paid back in 36 monthly installments. What is the amount of her monthly payments?
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Mary takes out a loan for $ 5 , 000 at a simple interest rate of 3.5 % to be paid back in 36 monthly installments. What is the amount of her monthly payments?

User Ben Sullivan
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1 Answer

6 votes
5000X 3.5/100=175
5000+175=5175/36=143.75
User Stephen Cagle
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