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

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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) About Me  (Show Source):
You can put this solution on YOUR website!
Use the monthly payment formula,
M=%28Pr%281%2Br%29%5En%29%2F%28%281%2Br%29%5En-1%29
M=%288000%280.01%29%281%2B0.01%29%5E35%29%2F%281%2B0.01%29%5E35-1%29
M=113.328%2F0.4166
M=272.03

Answer by MathTherapy(10552) About Me  (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: highlight_green%28%22%24232.02%22%29