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
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Adam borrowed $1,200 for 18 months at 11.5% simpl
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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.
