Concept explainers
To calculate:To find the monthly payments
Answer to Problem 7.7.14EP
Monthly payments is
Explanation of Solution
Given information:Z tool out a simple interest loan at
Formula used:
Simple interest is calculated as
Where,
Calculation:
Given that Z tool out a simple interest loan at
Now,
Simple Interest is calculated as
Substituting the values,
Now, total amount to be paid after
Substituting the values,
Monthly payments is calculated as
Conclusion:
Hence, monthly payments is
Chapter SH Solutions
Pre-Algebra Student Edition
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