Question 1064271
You take a simple interest loan for $1200. at 10% interest for 14 months. How much is the monthly payment? I am stuck on figuring out the interest for 14 months.
<pre>Correct answer: Interest for 14 months = {{{"1,200"(14/12)(.1) = "$140"}}}
Add this simple interest to the loan amount and divide the sum by 14 to get monthly payment. You should get: $95.71.