Step 1 Answer Principle amount = $100 Interest rate =12% Time = 12 months Step 2 $100.00 at 12% interest with12 monthly payments Total Payments: $106.63 Total Interest: $6.63 Monthly payment =...

Answer

Principle amount = $100

Interest rate =12%

Time = 12 months

$100.00 at 12% interest with12 monthly payments
Total Payments: $106.63 Total Interest: $6.63

Monthly payment = ($106.63 /12)

Monthly payment = $8.88

That's the answer - but what formula did you use to get the total interest at $6.63???