Question

A college student borrows ​$ 2,000 for 3 months to pay for a semester of school. If the interest is ​$​41.25 find the monthly payment.

Answer 1

`\$680.42`

Explanation:

Given:

Amount borrows
`=\$2000`

Interest
`=\$41.25`

Time
`=3` months

Obligation
`=2000+41.25=2041.25`

Monthly payment
`=\frac{2041.25}3=\$680.42`

Answer:
`\$680.42`