Question

John takes out a loan for $12,000 at a simple interest rate of 4.5% to be paid back in 36 month lease documents what is the amount of monthly payments

Answer 1

Answer:

$31,400(payment for 36 months)

Step-by-step explanation:

4.5% of 12000 is 540.

540×36=19,440

19,440+12000=31,440