Ask your own question, for FREE!
Mathematics 15 Online
OpenStudy (pphalke):

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

OpenStudy (jessicaloraine):

wasnt there a forumla like I = prt

OpenStudy (pphalke):

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

OpenStudy (jessicaloraine):

interese = principle times rate times time

OpenStudy (jessicaloraine):

interest

OpenStudy (jessicaloraine):

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

OpenStudy (niuuu):

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

Can't find your answer? Make a FREE account and ask your own questions, OR help others and earn volunteer hours!

Join our real-time social learning platform and learn together with your friends!
Can't find your answer? Make a FREE account and ask your own questions, OR help others and earn volunteer hours!

Join our real-time social learning platform and learn together with your friends!