Charlotte borrows $9000 over 5 years to buy a second hand car. The loan must be repaid over 5 years at 12% p.a. simple interest calculate the monthly repayment if the payments are spread equally over the 5 years.

Answer 1

I = PRT
I = 9,000 * 0.12 * 5
I = 5,400

(5,400 + 9,000) / (5 * 12) = _______ per month

Answer 2

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