Question

Zack borrowed $1,087 for 12 months at 11 percent interest. If he must pay 11.00 per $100, what is zacks monthly payment

Answer 1

Since we know Zack will have to pay 11.00 dollars per every 100 dollars each month, we just need to divide the amount that Zack borrowed by 100 dollars, and then multiply the result by 11.00 dollars:

`(1087)/(100) =10.87`
Know we know that Zack will have to pay 11.00 dollars 10.87 times each month, so we just need to multiply both quantities to find his monthly payment:

`11.00*10.87=119.57` dollars

We can conclude that Zack's monthly payment will be $119.57