consumer math

Nikki borrowed $500 at 9% interest for 12 months under a monthly
installment plan. She must pay $8.7453 per $100 each month for 12
months. How much is her monthly installment payment?

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  1. Multiply $8.7453 by 5. They already told you the rate per $100 borrowed.

    You do not have to use the interest rate in an amortization formula.

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