Step-by-step explanation:
Turn 10000 and 7.5% into a fraction.
(10000/1) (7.5/100)
Multiply both fractions:
[tex] \frac{10000}{1} \times \frac{7.5}{100} = \frac{75000}{100} [/tex]
Simplify. Divide both the numerator and denominator by 100:
[tex] \frac{75000 \div 100}{100 \div 100} = \frac{750}{1} [/tex]
The monthly payment is $750.
