Pam and Chris found a home for which they would have to borrow H dollars. If they take out a 25-year loan with monthly payment M, express the interest I in terms of H and M
The amount of money borrowed is $ H Time for borrowing is 25 years Amount paid per month M Amount paid per year 12M Interest rate paid=I Let the payment method be simple interest method, then: I=(PRT)/100 plugging in our values we have: I=(H×R×M)/100 hence: I=HRM/100
