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Mary takes out a loan for $6,000 at a simple interest rate of 12% to be paid back in 36 monthly instalments. What is the amount of her monthly payments?
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Mary takes out a loan for $6,000 at a simple interest rate of 12% to be paid back in 36 monthly instalments. What is the amount of her monthly payments?

User Rafsanjani
by
8.5k points

1 Answer

4 votes

Answer:

$199.29

Explanation:

Total payments = $7,174.24

Total interest = $1,174.24

User Rewbs
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7.9k points
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