Question
. Cimarron Homes Inc. purchased a snow plow for $57,000 and financed the full amount for 5 years at an annual simple interest rate of 9%.
a. Find the interest due on the loan.
b. Find the monthly payment
a. Find the interest due on the loan.
b. Find the monthly payment
Answers
Ms. Sue
I = PRT
I = 57,000 * 0.09 * 5
I = 25,650
(25,650 + 57,000)/60 = ________ monthly payment
I = 57,000 * 0.09 * 5
I = 25,650
(25,650 + 57,000)/60 = ________ monthly payment