A college student borrows $1000 for 3 months to pay for a semester of school. If the interest is $20.63, find the monthly pay
2 answers:
Answer : The monthly payment is, $ 340.21
Step-by-step explanation :
As we are given,
Interest = $ 20.63
A student borrows money for 3 months = $ 20.63
Let the monthly payment be $ x
So, in 3 months, the student paid $ 3x
And, as we know that the interest is the difference of paid money and the money borrowed. That means,
3x - 1000 = 20.63
Now by solving the terms, we get the value of 'x'.
3x = 20.63 + 1000
3x = 1020.63
Therefore, the monthly payment is, $ 340.21
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