Question

How many monthly payments must be made for a 2 1/2 year loan?

Answer 1

2 years= 24 months
1/2 year= 6 months
24 + 6 = 30 payments

Answer 2

Answer:

30 monthly payments.

Step-by-step explanation:

We are asked to find the number of monthly payments made for a 2 1/2 year loan.

We know that one year equals 12 months, so 2 years would be 2 times 12 months, that is:

$2\times 12\text{ months}=24\text{ months}$

The number of months in half year would be half of 12 that is $\frac{12}{2}=6$ months.

$\text{Months in 2 1/2 year}=24+6$

$\text{Months in 2 1/2 year}=30$

Since 2 1/2 year equals 30 months, therefore, 30 monthly payments must be made for a 2 1/2 year loan.