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 paym
ent
2 answers:
Answer:
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Step-by-step explanation:
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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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