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A college student borrows ​$3,000 for 3 months to pay for a semester of school. If the interest is ​$61.88 find the monthly payment
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A college student borrows ​$3,000 for 3 months to pay for a semester of school. If the interest is ​$61.88 find the monthly payment

User Vadim Ponomarev
by
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1 Answer

5 votes
Given:
Amount borrowed = $3,000
Interest = $61.88
Duration = 3 months

Obligation = 3000 + 61.88 = 3061.88
Monthly payment = 3061.88/3 = $1,020.63

Answer: $1,020.63

User ACyclic
by
6.2k points
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