George borrowed $3,000 on a 18-month simple installment loan at 12% interest. The monthly payments were $90.26. What is the new balance of the loan after the first monthly payment?

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step-by-step explanation:

the answer is 21%.

just keep asking questions until you have a better understanding.

step-by-step explanation:

soo this can be solve by using the formula:

f = p( 1 + i)^ n

where f is the future profit

p is the initial profit

i is the percent increase

n is the number of years

a . f = 30000 ( 1.05)^n

b. f = 30000 ( 1.05)^15

f = $62,368