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repayment on bank loans is calculated as equal monthly payments over three years at a simple interest of 8% of the starting loan. the starting loan is $15780.00 what is the monthly payment?
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Asked 1/20/2010 10:53:53 AM
Updated 10/18/2023 6:28:11 PM
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repayment on bank loans is calculated as equal monthly payments over three years at a simple interest of 8% of the starting loan. the starting loan is $15780.00 what is the monthly payment?
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User:
repayment on bank loans is calculated as equal monthly payments over three years at a simple interest of 8% of the starting loan. the starting loan is $15780.00 what is the monthly payment?
Weegy:
Expert answered|Heather71|Points 1570|
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Question
Asked 1/20/2010 10:53:53 AM
Updated 10/18/2023 6:28:11 PM
1 Answer/Comment
This conversation has been flagged as incorrect.
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3
Bench_14
Solution:
Monthly Payment= {15780 + (15780 × 0.08 × 3)}/{3 × 12}
Monthly Payment = 562.80.
The monthly payment is approximately $562.80.
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Added 10/18/2023 6:28:11 PM
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