Answer:
Hence, the monthly payment to the nearest cent is 510.31
Step-by-step explanation:
Consider the provided information,
A college student borrow $1,500 for 3 months to pay for a semester of school.
Let us consider the monthly payment is $x.
If he pay $x for next 3 months, then the total amount student paid in 3 month is: 3x
The interest is $30.94 for 3 months.
Student pay all the borrowed money and interest in 3 months.
That means he pay $1,500 + $30.94 in 3 months while the monthly payment was 3x.
This can be written as:
[tex]3x = 1500+30.94[/tex]
[tex]3x = 1530.94[/tex]
[tex]x = \frac{1530.94}{3}[/tex]
[tex]x = 510.31[/tex]
Hence, the monthly payment to the nearest cent is 510.31
