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4vir4ik [10]
2 years ago
14

You take out an installment loan of $2700.00 for 30 months at 8 %. The title of a monthly payment table is “Monthly Payment on a

Simple Interest Installment Loan of $100” If you use 30 months and 8% interest, you get the figure $3.69 in this table. Calculate the monthly payment.
Mathematics
1 answer:
erik [133]2 years ago
3 0
From what you wrote, according to your table: 

<span>For every $100 you borrow at 8%, you pay $3.69 each month for 30 months. </span>

<span>So, you pay back a total of 3.69 x 30 = $110.70 </span>

<span>But, if you borrow 2700, using your table you find that: </span>

<span>2700 / 100 = 27 </span>

<span>27 * 3.69 = 99.63 </span>

<span>So you pay back 99.63 x 30 = $ 2988.90</span>
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2 years ago
1. Kellie and her sister Ashley are training for a marathon. Kellie ran 10 mi in 75 min. Ashley ran 15 mi in 120 min. Which stat
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