Question

By paying $1500 cash and the balance is equal monthly payments, how many months would it take to pay for a car costing $12,495?

Answer 1

The monthly installments need to be paid is $10995.

To determine the number of months needed to pay off the remaining balance. We need to know the monthly installment.

What is installments?

When you get an installment loan, you get the money you borrowed or the item you bought right away.

• You pay it off in installments, which are regularly scheduled payments that may include interest.
• For a set number of months, or years, you generally owe the same amount on every installment.
• When the loan is fully repaid, the account is permanently closed.

Now, as per the question;

Amount paid in cash = $1500

Remaining balance which is to be paid as monthly installments

= $12495 - $1500

=$12495 − $1500

=$10995

Thus, the monthly installments are $10995.

Now, to determine the number of months needed to pay off the remaining balance. The monthly installment is need to be known.

As a result, information on monthly installments is lacking.

To know more about the installments, here

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The complete question is-

What necessary piece of information is missing that prevents solving the problem? By paying $1500 cash and the balance in equal monthly payments, how many months would it take to pay for a car costing$12,495?