Answer:
The Monthly payment of $ 12385 is 277.424
Step-by-step explanation:
Given : Amount to finance is $ 12385
Also , the monthly payment per $100 is $2.24
We have to determine the monthly payment for a loan if the amount to finance is $ 12385.
UNITARY METHOD is a method in which we first the value of a unit and then multiply it with desired value.
Using unitary method,
Here, given the monthly payment per $100 is $2.24
Monthly payment of $ 1 = [tex]\frac{2.24}{100}[/tex]
Thus, the Monthly payment of $ 12385 = [tex]\frac{2.24}{100}\times 12385[/tex]
Simplify, we have,
[tex]\frac{2.24}{100}\times 12385=277.424[/tex]
Thus, The Monthly payment of $ 12385 is 277.424
