<u>Answer:
</u>
<em>The monthly payment of Lori per month is </em><em>$37.5
</em>
<u>Solution:
</u>
Given that Lori borrowed $3000 from bank for 6 months at fixed installment loan of 7.5 %
So the amount borrowed by Lori is given as,
= 7.5% of 3000
= 225
So the total payments for 6 months is 225. Lori’s monthly payment can be found out by dividing the total payment by 6 months.
Monthly payment of Lori = = 37.5
So Lori has to pay $37.5 per month over a period of 6 months.
Hence the 6 monthly payment of Lori is $37.5