If cathy borrowed $1000 from the bank she would be charged interest at the flat rate of 9.9%p.a for 18 months.
A) How much interest would she be charged?
B) how muhin total would she need to pay back?
C)How much would her monthly payments be?
+118725 I'll just start if for you.
A) I = Prt = 1000 * 0.099 * 1.5
B) she will have to pay back the interest + what she borrowed.
C) She is paying back over 18 months SO how much is that each month?
A. $${\mathtt{1\,000}}{\mathtt{\,\times\,}}{\mathtt{0.099}}{\mathtt{\,\times\,}}{\mathtt{1.5}} = {\mathtt{148.5}}$$
B. $${\mathtt{1\,000}}{\mathtt{\,\small\textbf+\,}}{\mathtt{148.5}} = {\mathtt{1\,148.5}}$$
C. $${\frac{{\mathtt{1\,148.5}}}{{\mathtt{18}}}} = {\mathtt{63.805\: \!555\: \!555\: \!555\: \!555\: \!6}}$$
That is 63.806 to 3 decimal places or 63.81 to 2 decimal places.
