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.

Question

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.

anonymous · Answer

$2,988.90 From what you wrote, according to your table: For every $100 you borrow at 8%, you pay $3.69 each month for 30 months. So, you pay back a total of 3.69 x 30 = $110.70 But, if you borrow 2700, [ using your table you find that: 2700 / 100 = 27 27 * 3.69 = 99.63 So you pay back 99.63 x 30 = $ 2988.90