Louie takes out a three-month loan of $2000. 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?	Pick one
A) A)333  B) B)383  C) C)402  D) D)433  E) E)804
Here's the calculation for that case, assume monthly payment is X.   After 1st month: (2000)(1.1)-X = 2200-X   After 2nd month: (2200-X)(1.1)-X = 2420-2.21X   After 3rd month: (2420-2.21X)(1.1)-X = 2662-3.31X   Now, the amount after the last payment in 3rd month must bring the total to 0. Hence:   2662-3.31X = 0   X = 2662/3.31 = 804   Answer 804
<result>E</result>
Louie takes out a three-month loan of $2000. 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?