gail borrowed $3600 from a bank to buy a washing machine she pays back the loan in 24 monthly instalments at a simple interest rate of 2% a)calculate the simple interest on the loan b)the total amount to be repaid c)if gail repays the loan in 24 equal instalments ,find the sum she pays for each instalments (hint interest is included in the instalment)

asked by John

11 years ago

799 views

0

0

1 answer

I = PRT

I = 3600 * 0.02 * 2

I = 144

(3600 + 144)/24 = ?

answered by Ms. Sue

0

0

Question

gail borrowed $3600 from a bank to buy a washing machine she pays back the loan in 24 monthly instalments at a simple interest rate of 2% a)calculate the simple interest on the loan b)the total amount to be repaid c)if gail repays the loan in 24 equal instalments ,find the sum she pays for each instalments (hint interest is included in the instalment)

1 answer

I = PRT

I = 3600 * 0.02 * 2

I = 144

(3600 + 144)/24 = ?

Ms. Sue · Answer

I = PRT I = 3600 * 0.02 * 2 I = 144 (3600 + 144)/24 = ?