SOLUTION: Mary is charged $7800 for her home renovations. She paid monthly installments of $195 for 4 years. Calculate the simple interest per month she was charged.

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Question 1091049: Mary is charged $7800 for her home renovations. She paid monthly installments of $195 for 4 years. Calculate the simple interest per month she was charged.
Answer by josmiceli(19441) About Me  (Show Source):
You can put this solution on YOUR website!
+195%2A4%2A12+=+9360+
She paid $9,360 over 4 yrs
+9360+-+7800+=+1560+
The interest she paid was $1,560
+1560%2F7800+=+.2+
+.2%2A100+=+20+
She paid 20% in simple interest