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Tracy is borrowing $10,700 on a six-year, %, add-on interest loan. What will Tracy's monthly payments be?

Respuesta :

Answer:

Step-by-step explanation:

Use the formula I=prt. (Interest = principle x rate x time)

So, I = 10700 x 0.07 (7% as a decimal) x 6

So, I = 749(6)

I = 4494

Now, divide 4494 by 6(12)

4494/71

This = 63.3 dollars.

Therefore, she is paying 63 dollars per month.