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Lori borrowed $3000 from her bank for 6 months. It was a fixed installment loan at 7.5%. How much were her 6 monthly payments?

User Rathma
by
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2 Answers

0 votes

Answer:

Her 6 monthly payments totaled in $225, $37.5 payed per month.

Explanation:

7.5% of $3000 is


3000 * 0.075 = 225

If Lori needs to pay back $225 over a period of 6 months, with monthly payments, that means Lori is paying her bank


225 / 6 = 37.5

$37.5 per month.

User Lorenzo B
by
7.7k points
4 votes

Answer:

The monthly payment of Lori per month is $37.5

Solution:

Given that Lori borrowed $3000 from bank for 6 months at fixed installment loan of 7.5 %

So the amount borrowed by Lori is given as,

= 7.5% of 3000


= (7.5)/(100) * 3000


= 7.5 * 30

= 225

So the total payments for 6 months is 225. Lori’s monthly payment can be found out by dividing the total payment by 6 months.

Monthly payment of Lori =
(225)/(6) = 37.5

So Lori has to pay $37.5 per month over a period of 6 months.

Hence the 6 monthly payment of Lori is $37.5

User Alexey Alexeenka
by
7.4k points
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