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To attend the University of Houston Main Campus, the bank agrees to give you $35,000 loan with a 2% simple interest rate for 8 years. How much will you owe back to the bank? You…

To attend the University of Houston Main Campus, the bank agrees to give you $35,000 loan with a 2% simple interest rate for 8 years. How much will you owe back to the bank? You…
asked 67.0k views
17 votes
To attend the University of Houston Main Campus, the bank agrees to give you $35,000 loan with a 2%

simple interest rate for 8 years.
How much will you owe back to the bank?
You have 15 years to payback the loan. How much will your monthly payments?

asked
User Eilistraee
by
8.7k points

1 Answer

12 votes

Answer:

The answer is

$ 225.23 monthly payments.

answered
User Barry Hess
by
8.4k points
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