At Lefty's Loans they use the simple
interest formula for all their loans. |
Mr. Toejamme borrows $2000
for 3 years at a rate of 15%.
I=2000(.15)(3)=$900
He must pay Lefty back $2900 in
three years.
($2000 principle + $900 interest
= $2900 total)
His monthly payments would be $80.56.
$2900 ÷
36 months
What would the monthly payments
be on a loan of $10,000 for 4 years at a rate of
12%?
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