SOLUTION: You take a simple interest loan for $1200. at 10% interest for 14 months. How much is the monthly payment? I am stuck on figuring out the interest for 14 months.

Question 1064271: You take a simple interest loan for $1200. at 10% interest for 14 months. How much is the monthly payment? I am stuck on figuring out the interest for 14 months.

Found 2 solutions by josgarithmetic, MathTherapy:
Answer by josgarithmetic(39616) (Show Source): You can put this solution on YOUR website!
Ten percent of $1200 is 120, so the the full cost will be 1200+120=1320 dollars.

This $1320 spread equally among 14 months is dollars each month.
Answer by MathTherapy(10551) (Show Source): You can put this solution on YOUR website!
You take a simple interest loan for $1200. at 10% interest for 14 months. How much is the monthly payment? I am stuck on figuring out the interest for 14 months.

Correct answer: Interest for 14 months =
Add this simple interest to the loan amount and divide the sum by 14 to get monthly payment. You should get: $95.71.
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