A store offers a loan for $900 to by a computer. the terms of the loan are 9% simple interest and equal monthly payments for three years. what is the monthly payment?
Loan payment formula P = r (PV) / 1-(1+r)^-n. Where P = payment, r = prior rate. n= no of periods
P= o.0075 x 900/1-(1+0.0075)^-36
Answer: $ 28.63
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