Mathematics, 06.05.2020 05:42 richardgibson2005

Mr. John borrows $10,000 to remodel his kitchen; he borrows the money for 5 years, and has to pay a simple interest rate of 4.5% per year.

A) Since there are 12 months in the year, how many total months does Mr. John have to pay back this loan?

B) What will be the amount of Mr. john's monthly payment to the bank?

Answers: 3

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Mr. John borrows $10,000 to remodel his kitchen; he borrows the money for 5 years, and has to pay a...