louie takes out a 3 - 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 3 equal monthly payments . to the nearest dollar , how much does louie have to pay each month ?	Choose the correct answer.
A) 333	B) 383	C) 402	D) 433	E) 483

Rationale: let the monthly payment be xx . after the 1 st month there will be 1000 ∗ 1.1 − x dollars left to repay ; after the 2 nd month there will be ( 1000 ∗ 1.1 − x ) ∗ 1.1 − x = 1210 − 2.1 x dollars left to repay ; after the 3 rd month there should be 0 dollars left to repay : ( 1210 − 2.1 x ) ∗ 1.1 − x = 0 - - > 1331 = 3.31 x - - > x ≈ 402 x ≈ 402 answer : c .
Answer: C