SOLUTION: A casette recorder for P5,600 is to be paid by equal installments for one year. If the rate of interest is 20% simple interest per annum, how much is the monthly installment?

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Question 1190417: A casette recorder for P5,600 is to be paid by equal installments for one year. If the rate of interest is 20% simple interest per annum, how much is the monthly installment?
Answer by ikleyn(52788) About Me  (Show Source):
You can put this solution on YOUR website!
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A casette recorder for P5,600 is to be paid by equal highlight%28monthly%29 installments for one year.
If the rate of interest is 20% simple interest per annum, how much is the monthly installment?
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It is  %285600+%2B+0.2%2A5600%29%2F12 = %281.2%2A5600%29%2F12 = 5600%2F10 = 560.    ANSWER

Solved.