SOLUTION: YOU BORROW $15,000 FOR COLLEGE, AT THE ANNUAL INTEREST RATE OF 6%. CALCULATE THE AMOUNT OF INTEREST DUE 1(ONE) MONTH AFTER YOU MUST BEGIN PAYMENTS. PLEASE HELP, ITS A TEXT BOO

Question 734508: YOU BORROW $15,000 FOR COLLEGE, AT THE ANNUAL INTEREST RATE OF 6%.
CALCULATE THE AMOUNT OF INTEREST DUE 1(ONE) MONTH AFTER YOU MUST BEGIN PAYMENTS.
PLEASE HELP, ITS A TEXT BOOK QUESTION, BUT SEEMS MORE INFO. IS NEEDED. ?????
WRITE OUT SOLUTION TO UNCONFUSE ME PLEASE.
Answer by rothauserc(4718) (Show Source): You can put this solution on YOUR website!
ok,
6% of $15,000 is $900 of interest annually
so we divide the $900 by 12 months in a year, which equals $75 per month of interest
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