You borrow $600 to buy a canoe. The simple annual interest rate is 5%. You pay off the loan after 4 years of equal monthly payments. How much is each payment?

Amount of each payment = $15 each month

Step-by-step explanation:

Given:

Amount borrow = $600

Simple rate = 5% = 0.05

Number of year = 4 year

Payment method = monthly payment

Find:

Amount of each payment

Computation:

Total amount after 4 year = P + PRT

Total amount after 4 year = 600 + (600)(4)(0.05)

Total amount after 4 year = 600 + 120

Total amount after 4 year = $720

Number of total month = 4 x 12

Number of total month = 48

Amount of each payment = Total amount after 4 year / Number of total month

Amount of each payment = $720 / 48

Amount of each payment = $15 each month

dunno

step-by-step explanation:

3/4 ÷ 3/4

step-by-step explanation:

basically divide any proper fraction with itself to fit the criteria.

so if we are using 3/4, then:

3/4 ÷ 3/4 = 1

so 1 is the quotient.

and the numerators for both these fractions is 3.   and if we divide the numerators:

3 ÷ 3 = 1

we see that quotient is equal to our original quotient as well.