Question 1119158
loan is for 1 year 3 months at 6% interest per year.


if the loan is a flat rate loan, then do the following:



principal = 1500.
interest rate = 6% per year = .06 / 12 = .005 per month.
number of months = 15.


formula is i = p * r * n


p is the principal.
r is the interest rate per time period.
n is the number of time periods.


formula becomes i = 1500 * .005 * 15.


solve for i to get i = 112.5.


add the principal to get p + i = 1612.5.


divide by 15 months to get monthly payment = 107.5.


if the loan is a compound interest loan, then use the following calculator.


<a href = "https://arachnoid.com/finance/" target = "_blank">https://arachnoid.com/finance/</a>


results are shown below:


inputs are everything except payment amount.
click on PMT and the calculator tells you the monthly payment.


inputs are:


present value = 1500.
future value = 0
interest rate percent = 6/12 = .5% per momth.
number of months = 15
payment is made at end of each month.


output is monthly payment = 104.05 payable at the end of each month.


<img src = "http://theo.x10hosting.com/2018/062601.jpg" alt="$$$" >