In the question , it is given that , a college student borrows $1,000 for 9 months to pay for a semester of school.
And the interest is $61.88 .
Let the monthly payment be $x . So in 9 months, the student paid $9x .
And interest is the difference of 9x and the money borrowed, that is
[tex] 9x - 1000 = 61.88 [/tex]
Adding 1000 to both sides
[tex] 9x = 1061.88 [/tex]
[tex] x = \frac{1061.88}{9} =$117.99 [/tex]
