Question

Ms. Benson can pay $293.22 for her gym membership upfront, or she can pay the amount over a period of six months. How much would Ms. Benson pay each month for the sixth month period?​

Answer 1

$48.87

Explanation:

For example, if it was a backruptcy we would need to get the principal amount using the simple interest formula.

Interest = Principal * interest rate * term

180 = P * 2% * 1

180 / 2% = P

9,000 = Principal

Benson pays an additional interest of 9,000 each year. Monthly payment of 750.

9,000 / 12 months = 750 per month.

But since we are just dividing the answer will be 293.22 ÷ 6 = 48.87

Answer 2

She would have to pay $48.87 a month for six months.

Explanation:

293.22 ÷ 6 = 48.87