Question

Lucy borrowed 3$,500 at an apr of 10% for furniturre she will make 12 equal monthly payments. What will her monthly payments be?

Answer 1

Amount = principal (1 + no. of year x rate)
i.e A = P (1 + nr)
A = 3500 (1 + 1 x 10%)
A = 3500 (1 + 0.1)
A = 3500 (1.1)
A = 3850
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Answer 2

Monthly pymt = $307.71