Louie takes out a three-month loan of $1000. The lender charges him 10% interest per month compunded monthly. The terms of the loan state that Louie must repay the loan in three equal monthly payments. To the nearest dollar, how much does Louie have to pay each month?
2026-03-26 09:15:01.1774516501
Loan Interest problem
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1
The equation for compound interest is $P(1+ \frac{r}{n})^{nt}$ thus plugging in the numbers...
$1000(1+ \frac{.1}{1})^{1*3}=1331$ this divided by 3 is $443 \frac{2}{3}$