Jose borrowed $800 from his local credit union for 8 months at 6% simple interest. He agreed to pay the loan by making 8 equal monthly payments
a. how much is the finance charge
b. what is the total amount to be repaid
c. how much is the monthly payment

Question

Jose borrowed $800 from his local credit union for 8 months at 6% simple interest. He agreed to pay the loan by making 8 equal monthly payments
a. how much is the finance charge
b. what is the total amount to be repaid
c. how much is the monthly payment

jessicaloraine · Answer

wasnt there a forumla like I = prt

pphalke · Answer

yea I don't know if its used in this one

jessicaloraine · Answer

interese = principle times rate times time

jessicaloraine · Answer

interest

jessicaloraine · Answer

800 times 6 percent times 8 is the total i think and then you minus 800 for the finance charge and for the montly payment divide it by 8

niuuu · Answer

so just putting it out there that to begin we start with 800x.06= the interest by month we then divide 800 by 8 getting 100  then add the interest per month making it 164x8