Patrice borrowed $1,700 at 9.5% for 12 months under a monthly
installment plan. She must pay $8.7683 per $100 each month for 12
months. How much is her monthly installment payment?
First, we need to calculate the total amount of interest that Patrice will pay over the 12-month loan period:
Interest = Principal x Rate x Time
Interest = $1,700 x 0.095 x 1
Interest = $161.50
Next, we need to calculate the total amount Patrice will repay over the 12-month loan period:
Total Repayment = Principal + Interest
Total Repayment = $1,700 + $161.50
Total Repayment = $1,861.50
Now we can calculate Patrice's monthly installment payment by dividing the total repayment by the number of months:
Monthly Installment Payment = Total Repayment / Number of Months
Monthly Installment Payment = $1,861.50 / 12
Monthly Installment Payment = $155.12
Therefore, Patrice's monthly installment payment is $155.12.