Given:Interest = 180term = 1 yearInterest rate = 2%
We need to get the principal amount using the simple interest formula.
Interest = Principal * interest rate * term180 = P * 2% * 1180 / 2% = P9,000 = Principal
Benson pays an additional interest of 9,000 each year. A monthly payment of 750.
9,000 / 12 months = 750 per month.
