SOLUTION: This is a Simple Interest exercise. Gilbert White wants to borrow $2250 for 3 years to remodel his garage. The anual rate is 18%. If the principal and interest are repaid in eq

Question 459918: This is a Simple Interest exercise.
Gilbert White wants to borrow $2250 for 3 years to remodel his garage. The anual rate is 18%. If the principal and interest are repaid in equal monthly installments, how much will each installment be?
The answer is $96.25. I want to know how to get that answer. I tried the I=Prt and didnt get close to that answer.
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
Gilbert White wants to borrow $2250 for 3 years to remodel his garage. The anual rate is 18%. If the principal and interest are repaid in equal monthly installments, how much will each installment be?
The answer is $96.25.
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Please see the following site:
http://www.ehow.com/how_5019102_calculate-monthly-installment-payments.html
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Cheers,
Stan H.
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