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John takes out a loan for $ 12 , 000 at a simple interest rate of 4.5 % to be paid back in 36 monthly installments

John takes out a loan for $ 12 , 000 at a simple interest rate of 4.5 % to be paid back in 36 monthly installments
asked 145k views
5 votes
John takes out a loan for

$
12
,
000
at a simple interest rate of
4.5
%
to be paid back in
36
monthly installments

asked
User ByteMe
by
7.8k points

1 Answer

7 votes

Explanation:

36 months > 1.14³

12000*1.14*1.14*1.14 = 12000*1.14³ = 17,778.528$

answered
User Jie Yang
by
8.2k points
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