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?

The monthly payment of Lori per month is $37.5

Solution:

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

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