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# Louie takes out a three-month loan of $1000. The lender  post reply Question banks Downloads My Bookmarks Reviews Important topics Author Message CEO Joined: 21 Jan 2007 Posts: 2745 Location: New York City Followers: 11 Kudos [?]: 942 [0], given: 4 Louie takes out a three-month loan of$1000. The lender [#permalink]

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18 Dec 2007, 09:18
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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 Senior Manager Joined: 06 Aug 2007 Posts: 363 Followers: 1 Kudos [?]: 34 [0], given: 0 Re: compound interest [#permalink] ### Show Tags 18 Dec 2007, 18:41 bmwhype2 wrote: 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