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Kim has just graduated from law school. she had taken an education loan of $45,000, which now needs to be repaid in equal monthly installments over the next 6 years. what is the amount of the monthly loan payment, if the loan carries a simple annual interest of 5%? use a calculator to make the calculation and round your answer to two decimal places.​

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talkingturkey
Given:
Principal /loan: 45,000
Interest rate: 5% per annum
Term: 6 years.

Simple Interest = Principal * interest rate * term
Simple Interest = 45,000 * 5% * 6 
Simple Interest = 13,500

45,000 + 13,500 = 58,500 This is the total amount due 

12 months * 6 years = 72 months

58,500 / 72 = 812.50 monthly payment

Kim must pay $812.50 per month for the next 6 years. 

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