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March 25, 2017

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john borrowed $650 from credit union . interest rate is 7.9% , and takes loan for 6 months . what will be his monthly payment to repay loan plus interest ?

  • algebra - ,

    If this is simple interest then the interest in 1/2 a year would be
    (1/2)(.079)(650) = 25.675
    (650 + 25.675)/6 = 112.61

    If this is some kind of compounded or declining balance (mortgage) type loan then you have not provided enough information.

  • algebra - ,

    112.61

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