Question

The table shows a schedule of inga’s payment plan for a car. inga’s payment plan for the first 3 years year balance monthly payment end of year balance 1 $19,691.28 $273.49 $16,409.40 2 $16,409.40 $273.49 $13,127.52 3 $13,127.52 $273.49 $9,845.64 how many more years will it take inga to pay off the loan? 2 years. 3 years 4 years 6 years

Answer 1

Inga needs 3 more years to pay off the whole amount.

What is the monthly payment?

A portion of the monthly payment is called the principal, which is the original amount borrowed.

First year balance = $19,691.28

Monthly payment = $273.49

Annual payment = 273.49×12 = $3281.88

Remaining balance after 1 year = 19,691.28 - 3281.88 = $16,409,4

After 3 years balance = $9845.64

• Remaining balance after payment (4 years) = 9845.64-3281.88 = $6563.76

• Remaining balance after payment (5 years)  = 6563.76-3281.99  = 3281.88

• Remaining balance after payment (6 years) =3281.88-3281.88  = 0

Hence, Inga needs 3 more years to pay off the whole amount.

To know more about monthly payments click the link given below.

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