simple interest

a loan of $975000 at 15.5percent for 5 years how much one would pay per month

So the formula for simple interest is I=prt
I=interest
p=principal (amount borrowed)
r=interest rate
t=time

So I= $975,000 x 15.5% x 5 years
I=975000*0.155*5
I=$755,625
Now calculate how much to pay each month by dividing the interest by the number of months.
5 years has 60 months.
All you have to do now is divide.

Sorry, I forgot to add the borrowed amount of $975000 to the interest.
So it would be (755,625 + 975000) divided by 60 months.

It should be $28,843.75 per month.