2 years ago

MAX POINTS

Mathematics

1 answer:

Doss [256]2 years ago

3 0

Answer:

Monthly rate: 19%/12 ≈ 1.5833%
72 months to pay off the loan

Step-by-step explanation:

The monthly interest rate is the annual rate (APR) divided by 12.

19%/12 ≈ 1.5833%

The loan will be paid in fewer than 91 months, because Zach will be paying at least $10 per month on his current balance of $910. The attached spreadsheet shows it will take 73 payments to pay off the loan.

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