Question

Bess burrowed $3000 from her bank for 1 year and paid 5.25% interest. What would the monthly be if there were 12 equal payments?

Answer 1

Let's begin by listing out the information given to us:

Principal (P) = $3,000, Time (t) = 1 year = 12 months, Interest rate (R) = 5.25%

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