Solve. Round to the nearest cent, if necessary.
-Oliver borrows $2400 for 5 months. If the interest is $72, find his monthly payment.

Name: Solve. Round to the nearest cent, if necessary. -Oliver borrows $2400 for 5 months. If the interest is $72, find his monthly payment.
Brand: Quizplus
Rating: 4.8 (45 reviews)

Question

Quizplus · Accepted Answer

The total amount to be repaid is the principal ($2400) plus the interest ($72), which equals $2472. Dividing this total by the loan period (5 months) gives the monthly payment: $2472 / 5 = $494.40.

Solve. Round to the Nearest Cent, If Necessary