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andrey2020 [161]
3 years ago
6

Lori borrowed $3000 from her bank for 6 months. It was a fixed installment loan at 7.5%. How much were her 6 monthly payments?

Mathematics
2 answers:
Orlov [11]3 years ago
8 0

<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

= \frac{7.5}{100} \times 3000

= 7.5 \times 30

= 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 = \frac{225}{6} = 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

GenaCL600 [577]3 years ago
3 0

Answer:

Her 6 monthly payments totaled in $225, $37.5 payed per month.

Step-by-step explanation:

7.5% of $3000 is

3000 \times 0.075 = 225

If Lori needs to pay back $225 over a period of 6 months, with monthly payments, that means Lori is paying her bank

225 \div 6 = 37.5

$37.5 per month.

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