Register

If you take out a loan for $400.00 at a rate of 8% simple interest and pay it off over 1 year, what will be your monthly payment? You will pay _____ a month. 10 points, please a…

If you take out a loan for $400.00 at a rate of 8% simple interest and pay it off over 1 year, what will be your monthly payment? You will pay _____ a month. 10 points, please a…
asked 210k views
6 votes
If you take out a loan for $400.00 at a rate of 8% simple interest and pay it off over 1 year, what will be your monthly payment? You will pay _____ a month.

10 points, please answer.

asked
User MattMS
by
8.3k points

1 Answer

10 votes

Answer:

$36 a month

Explanation:

400÷0.08=32

400+32=$432

432÷12=$36

answered
User Joseph Merdrignac
by
8.2k points
← Prev Question Next Question →

No related questions found

Ask a Question
Welcome to Qamnty — a place to ask, share, and grow together. Join our community and get real answers from real people.

Categories

Other Questions

How do you can you solve this problem 37 + y = 87; y =
How do you estimate of 4 5/8 X 1/3
A bathtub is being filled with water. After 3 minutes 4/5 of the tub is full. Assuming the rate is constant, how much longer will it take to fill the tub?
Link Copied!