Asked by AR

Nikki borrowed $500 at 9% interest for 12 months under a monthly
installment plan. She must pay $8.7453 per $100 each month for 12
months. How much is her monthly installment payment?

Answers

Answered by drwls
Multiply $8.7453 by 5. They already told you the rate per $100 borrowed.

You do not have to use the interest rate in an amortization formula.
There are no AI answers yet. The ability to request AI answers is coming soon!

Related Questions