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29 August, 10:49

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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  1. 29 August, 11:04
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    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
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