Friday, September 10, 2010

Louie takes out a three-month loan of $1000. The lender charges him 10% interest per month compunded 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

Answer - C

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