145k views
5 votes
John takes out a loan for

$
12
,
000
at a simple interest rate of
4.5
%
to be paid back in
36
monthly installments

User ByteMe
by
5.0k points

1 Answer

7 votes

Explanation:

36 months > 1.14³

12000*1.14*1.14*1.14 = 12000*1.14³ = 17,778.528$

User Jie Yang
by
5.3k points