need hellp for questions 3

[limber sequoia]

Mr. Paul borrowed $ 70 000 from the bank at a rate of 20 % per annum for 3 yrs. calculate
I. simple interest
2. the total amount he owed the bank
3. his monthly payment

[severe adder]

adonhs

[limber sequoia]

i know how to do that one and no. 2

[stark basalt]

what did you get?

[limber sequoia]

for S.I i got 42 000 and for total amount i got 112 000

[stark basalt]

ok nice

so the last one asks for the monthly payment

[limber sequoia]

yes

[stark basalt]

first question how long does he pay for?

[limber sequoia]

3 yrs

[stark basalt]

nice

now we wanna know how much money he pays monthly for 3 years

how many months are 3 years?

@limber sequoia ?

[limber sequoia]

36 month

[stark basalt]

nice

now we have the amount $112,000 and 36 months

any idea what you can do to find out the monthly payment?

[limber sequoia]

we have to divide the total by the no. of months

[stark basalt]

niceeeee

that's it

so what is the result?

[limber sequoia]

i got 3111.1

[stark basalt]

nice well done

[limber sequoia]

thank you

@solved

[stark basalt]

🥺

.solved