SOLUTION: To buy a computer, Tom borrowed $3000 at 9% simple interest calculated yearly if you will be making monthly payments for four years what is the amount of interest paid over four y

Question 1138035: To buy a computer, Tom borrowed $3000 at 9% simple interest calculated yearly if you will be making monthly payments for four years what is the amount of interest paid over four years what is the total amount to be paid back what is the monthly payment amount?
Answer by VFBundy(438) (Show Source): You can put this solution on YOUR website!
Interest over four years:
3000 * 0.09 * 4 = $1080

Amount to be paid back:
$3000 + $1080 = $4080

Monthly payment:
$4080/48 = $85
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