A college student borrows $2,000 for 9 months to pay for a semester of school. If the interest is $123.75, find the monthly paym
1 answer:
Total amount borrowed by college student = $ 2,000
Total interest paid = $123.75
Total amount the student has to pay = $2,000 + $123.75
= $2123.75
Total duration for which the amount is borrowed = 9 months
Total amount he has to pay back in 1 month =
= $235.9
Therefore, Amount he has to pay in 1 month = $235.9
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