Richard borrowed $4600 to pay for his tuition at Queens College, the interest rate from the bank was 6.5%. How much will each monthly payment be if he agrees to pay it back in 1 year?

$408.25

Explanation:

The monthly repayment will be the amount dues at one year divided by 12 months.

The amount of due after will interest plus principle

The formula is : Amount = P x (1+ r)t

principle(p) = $4600

Interests (r)=6.5 %

Time( t)= 1 year

=4600 x(1+ 6.5/100)t

=4600 x (1+0.065)1

=4600 x 1.065

Amount due after one year =4,899

The monthly installment will be = 4,899/12

=$408.25

answer(b) equal; set period;