Question

a college student borrows 2000$ for 3 months to pay for a semester of school. If the interest rate is $41.25, find the monthly payment. HELP PLEASE!

Answer 1

answer is $652.91, just set it up as and equation.

Answer 2

The monthly payment is $680.42

Interest rate and amount

Given the following parameters

• Principal = $2000
• Interest rate = $41.25

• Time = 3 months

Get the amount

Amount = 2000 + 41.25

Amount = $2041.25

The amount paid monthly  = $2041.25/3

The amount paid monthly = $680.42

Hence the monthly payment is $680.42

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