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?
Has anyone found a good approach for these types of questions?
I remember that generally we'll have something like :
1000 - 10 = 900 - x
(900 -x (0.9) ) - x
((900 - x(0.9) - x ) 0.9 ) - x = 0
Solve last equation to get the value of X.
But its a painful method, experts please advice