Question

A college student borrow ​$1,500 for 3 months to pay for a semester of school. If the interest is ​$30.94, find the monthly payment ​(Round to the nearest​ cent.)

Answer 1

Total amount repayment=amount borrowed+interest

Total amount repayment
1,500+30.94=1,530.94

Monthly payment
1,530.94÷3 months=510.31...answer

Hope it helps!

Answer 2

Hence, the monthly payment to the nearest cent is 510.31

Explanation:

Consider the provided information,

A college student borrow ​$1,500 for 3 months to pay for a semester of school.

Let us consider the monthly payment is $x.

If he pay $x for next 3 months, then the total amount student paid in 3 month is: 3x

The interest is ​$30.94 for 3 months.

Student pay all the borrowed money and interest in 3 months.

That means he pay $1,500 + $30.94 in 3 months while the monthly payment was 3x.

This can be written as:

`3x = 1500+30.94`

`3x = 1530.94`

`x = (1530.94)/(3)`

`x = 510.31`

Hence, the monthly payment to the nearest cent is 510.31