SOLUTION: Gilbert White wants to borrow $2250 for 3 years to remodel his garage. The annual rate is 18%. If the principal and interest are repaid in equal monthly installments, how much wi

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Question 1189687: Gilbert White wants to borrow $2250 for 3 years to remodel his garage. The annual rate is 18%.
If the principal and interest are repaid in equal monthly installments, how much will each
installment be?
Answer by ikleyn(52776) About Me  (Show Source):
You can put this solution on YOUR website!
.

We should know the conditions of the contract: if it is the simple interest or the compound one.