Grace needs to buy textbooks for her first semester in college. She borrows $660 and must pay the money back in equal amounts for 11 months. She must also pay $3 interest each month. What is her monthly payment, including interest?

Answer 1

Grace has borrowed $660 and she needs to pay it back over 11 months. To calculate her monthly payment without interest, we divide the total amount by the number of months:

$660 ÷ 11 months = $60 per month

Since she also needs to pay $3 interest each month, we add that to her monthly payment:

$60 (principal repayment) + $3 (interest) = $63 per month

Therefore, Grace's monthly payment, including interest, is $63.