Jerry goes to the bank and borrows $9,000 for farm equipment. The simple yearly interest is 9.5% and he pays off the loan over a period of 2 years with 24 equal monthly payments. What’s Jerry’s monthly payment

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22-02-2018
Mathematics

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Jerry goes to the bank and borrows $9,000 for farm equipment. The simple yearly interest is 9.5% and he pays off the loan over a period of 2 years with 24 equal monthly payments. What’s Jerry’s monthly payment

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carlosego carlosego · Answer 1 · 2018-03-06T17:30:08+01:00

To solve this problem you must appply the formula for simple interest, which is:

I = RxPxN

I: Simple Interest.
R:Rate (9.5$/100=0.095/12).
P: The principal (P=$9000).
N:number of periods (N=24).

When you substitute these values into the formula, you obtain:

I=RxPxN
I=(0.095/12)x9000x24
I=$1710

Therefore, the monthly payment is:

$1710/24=$71.25

What is Jerry's monthly payment?

The answer is: Jerry's monthly payment is $71.25