SOLUTION: An engineer has just borrowed 8000 from a local bank at the rate of 1% per month on the unpaid balance. His contract states that he must repay the loan in 35 equal monthly installm

Question 1055159: An engineer has just borrowed 8000 from a local bank at the rate of 1% per month on the unpaid balance. His contract states that he must repay the loan in 35 equal monthly installments. How much money must he repay each month?
Found 2 solutions by Fombitz, MathTherapy:
Answer by Fombitz(32388) (Show Source): You can put this solution on YOUR website!
Use the monthly payment formula,

Answer by MathTherapy(10552) (Show Source): You can put this solution on YOUR website!

An engineer has just borrowed 8000 from a local bank at the rate of 1% per month on the unpaid balance. His contract states that he must repay the loan in 35 equal monthly installments. How much money must he repay each month?

Monthly payment:
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