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Morris borrowed $9,000 from a credit union at 13% simple interest for 42 months. What were his money installment payments (to the nearest whole cent)?$311.79 per month$307.89 per month$297.58 per month$377.12 per monthNone of these choices are correct.

Respuesta :

Now the total interest for 42 months will be:-

[tex]\begin{gathered} S\mathrm{}I\mathrm{}=\frac{9000\times13\times7}{200} \\ =\frac{90\times13\times7}{2} \\ =45\times13\times17 \\ =4095 \end{gathered}[/tex]

So the total amount he has to pay after 42 months will be = 9000+4095

= $13095

So

[tex]\begin{gathered} 42\text{ months = \$13095} \\ 1\text{ month =}\frac{13095}{42} \\ =311.79 \end{gathered}[/tex]

So his monthly installment will be $ 311.79

So $ 311.79 is the correct option.

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