I = PRT
I = 12,000 * 0.12 * 3
I = 4,320
12,000 + 4,320 = 16,320
16,320 / 12 = ?
Mr. X wants a fridge that cost 12000.He has arrange to borrow to borrow the total purchase price from a finance company at a simple interest rate of 12% .the loan require quarterly payment for a period of 3yrs.if the first payment is due 3months after purchasing a fridge,what will be an amount on his quarterly payment on the loan.
1 answer
1 answer