anonymous
  • anonymous
Blaise borrowed $500 for a color tv set. The APR is 18.75% find his monthly payments if he pays off the loan in 24 months
Mathematics
  • Stacey Warren - Expert brainly.com
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SOLVED
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katieb
  • katieb
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anonymous
  • anonymous
So this is simple interest where you're dealing with I = Prt? Since you're not here, I'll just assume that. I = interest in dollars P = price of item r = rate (percentage represented as decimal) t = time (in years) I = (500)(0.1875)(2) (24 months = 2 years) I = $187.50
anonymous
  • anonymous
$500 + $187.50 = 687.50 687.50/24 months = $28.65/month
anonymous
  • anonymous
Monthly pymt = $25.14

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