Simple interest

posted by Jake

Charlotte borrows $9000 over 5 years to buy a second hand car. The loan must be repaid over 5 years at 12% p.a. simple interest calculate the monthly repayment if the payments are spread equally over the 5 years.

  1. Ms. Sue

    I = PRT
    I = 9,000 * 0.12 * 5
    I = 5,400

    (5,400 + 9,000) / (5 * 12) = _______ per month

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