You have just taken out a $2,560 loan from your local bank. you paid off the loan in 1 year with a total interest charge of $300.00. determine, from the information given, the amount of your monthly payment if you pay off the loan in 12 months. round your answer to the nearest hundredth of a cent.

Given the information, let's assume the interest was broken up equally into 12 payments.

$300/12 = $25 - each month there was $25 that accrued in interest.

Your original loan amount was for $2,560. Let's now divide that by 12 months to see what the payment was prior to adding interest. $213.33

Finally, let's add the payment prior to interest and interest together to get the total monthly payment.

$238.33, assuming the information above.