A store offers a loan for $900 to buy a computer. The terms of the loan are for 9% simple interest and equal monthly payments for three years. What is the monthly payment?
I=PRT
I=900*0.09*3
I=243
243+900
1143/36
Answer=$31.75 monthly
I = PRT
I = 900 * 0.09 * 3
I = 243
(243 + 900) / 36 = $______ per month
$31.75
beach corvett corvett is the answe
$31.75 I belive
yes
To calculate the monthly payment for a loan, we can use the formula for calculating the monthly payment for a loan with simple interest:
Monthly Payment = (Principal + (Principal * Interest * Time)) / (Time * 12)
In this case, the principal amount is $900, the interest rate is 9% (0.09 in decimal form), and the time is 3 years.
Let's plug these values into the formula:
Monthly Payment = (900 + (900 * 0.09 * 3)) / (3 * 12)
First, we calculate the interest amount by multiplying the principal amount ($900) by the interest rate (0.09) and the time (3):
Interest = 900 * 0.09 * 3 = $243
Then we add the interest amount to the principal amount:
Total Amount = 900 + 243 = $1,143
Next, we calculate the monthly payment by dividing the total amount ($1,143) by the number of months (3 * 12):
Monthly Payment = 1,143 / 36 ≈ $31.75
Therefore, the monthly payment for the $900 loan with 9% simple interest, paid off over three years, would be approximately $31.75.