monthly payments

How to Calculate Monthly Payments?

Calculating monthly payments involves understanding the hourly wage or annual salary and converting it into a monthly format. For instance, if a nurse earns an annual salary of $72,000, the monthly payment would be:
\[ \text{Monthly Payment} = \frac{\text{Annual Salary}}{12} \]
\[ \text{Monthly Payment} = \frac{72,000}{12} = \$6,000 \]
If the pay is hourly, say $35 per hour, and the nurse works 160 hours a month (40 hours a week), the calculation would be:
\[ \text{Monthly Payment} = \text{Hourly Wage} \times \text{Hours Worked} \]
\[ \text{Monthly Payment} = 35 \times 160 = \$5,600 \]

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