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


= 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 =
= 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