SOLUTION: hello, I need a bit of help figuring out this problem......this is my question may you please help, thank you................. Adam borrowed $1,200 for 18 months at 11.5% simpl

Question 892761: hello, I need a bit of help figuring out this problem......this is my question may you please help, thank you.................
Adam borrowed $1,200 for 18 months at 11.5% simple interest under an
add-on plan. What was his monthly payment?
Answer by Theo(13342) (Show Source): You can put this solution on YOUR website!
the add on interest method calculates the interest up front and then figures out the payments.

your principal is 1200.

18 months interest at 11.5% simple interest on 1200 would be 1200 * .115 * 18/12 = 207.

you owe 1200 + 207 = 1407.

divide that by 18 and you need to pay 78.166666.... per month for 18 months.

RELATED QUESTIONS
I need help figuring this problem out please. The sum of the ages of Adam and Benjamin (answered by Fombitz)

My question is too find y: (6/p)-ax=(m/y)+k I'm not sure where to start and need a bit of (answered by josgarithmetic,Edwin Parker)

I need help with a problem or expression, which ever it may be. What is (24x3rddegree (answered by josgarithmetic,greenestamps,ikleyn)

I am having a problem figuring out what the degree is of the term 2y^5. I have worked on... (answered by solver91311)

Hello. I need a little bit of help...or shall I say, a lot of help with this Algebra... (answered by ewatrrr)

Hello I need some help figuring this out (2v^2-7v-6) + (-4v +1) Im having a hard time... (answered by josgarithmetic)

Hello, I'm having a bit of a difficult time figuring out if I have done this problem... (answered by stanbon,Earlsdon)

Hello, I need help with figuring out the steps to simplify this equation: 9x^2+6x=8 (answered by ikleyn,MathTherapy)

Hello, I need help with solving a problem. I am doing rational and radical exponents.... (answered by ankor@dixie-net.com)