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GMAT Prep
Louie takes out a three-month loan of $1000. The lender charges him 10% interest per month compounded monthly. The terms of the loan state that Louie must repay the loan in three equal monthly payments. To the nearest dollar, how much does Louie have to pay each month?
A. 333
B. 383
C. 402
D. 433
E. 483
OA C
Louie takes out a three-month loan of $1000. The lender charges him 10% interest per month compounded monthly. The terms of the loan state that Louie must repay the loan in three equal monthly payments. To the nearest dollar, how much does Louie have to pay each month?
A. 333
B. 383
C. 402
D. 433
E. 483
OA C
