SOLUTION: A Loan of $15,876 was repaid at the end of 12 months. What size repayment check ( principal and interest ) was written , if an 8.7% annual rate of interest was charged?
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Question 1122197: A Loan of $15,876 was repaid at the end of 12 months. What size repayment check ( principal and interest ) was written , if an 8.7% annual rate of interest was charged?
Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
interest=p*r*t;t=1, r=0.087, p=$15,876
=$1381.21
add that to principal
=$17,257.12
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