Can i get some guidance with these please?
A couple borrows $10,000 for three years and is charged 10.5% Simple Interest per year.
a. Determine their monthly payment.
b. Assuming that each month's interest payment is the same, how much of the tenth payment goes to interest and how much goes to principal?
I am coming up with an answer of $920.83 for part a. Is that horribly wrong??