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21 May, 11:35

John borrowed 1200 at 9% simple interest. He agrees to repay the loan by making 18 equal payments monthly. How much is the monthly payment?

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  1. 21 May, 11:48
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    1200 times. 09 = 108

    so $108 interest

    1200 + 108 = 1308

    1308 divided by 18 equals 72.67

    so $72.67 a month
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