louie takes out a 3 - month loan of $ 2000 . the lender charges him 10 % interest per month compounded monthly . the terms of the loan state that louie must repay the loan in 3 equal monthly payments . to the nearest dollar , how much does louie have to pay each month ?
here ' s the calculation for that case , assume monthly payment is x . after 1 st month : ( 2000 ) ( 1.1 ) - x = 2200 - x after 2 nd month : ( 2200 - x ) ( 1.1 ) - x = 2420 - 2.21 x after 3 rd month : ( 2420 - 2.21 x ) ( 1.1 ) - x = 2662 - 3.31 x now , the amount after the last payment in 3 rd month must bring the total to 0 . hence : 2662 - 3.31 x = 0 x = 2662 / 3.31 = 804 answer e
divide(multiply(multiply(2000, add(const_1, divide(const_1, const_10))), add(const_1, divide(const_1, const_10))), 3)