Question

A college student borrows $1,000 for 9 months to pay for a semester of school. if the interest is $61.88, find the monthly payment

Answer 1

In the question , it is given that , a college student borrows $1,000 for 9 months to pay for a semester of school.

And the interest is $61.88 .

Let the monthly payment be $x . So in 9 months, the student paid $9x .

And interest is the difference of 9x and the money borrowed, that is

$9x - 1000 = 61.88$

Adding 1000 to both sides

$9x = 1061.88$

$x = \frac{1061.88}{9} = 117.99$