Question

John wishes to pay off his car loan of $4,626 in 18 months. How much will his monthly payment be assuming he pays the same amount every month?

Answer 1

Answer: $257 per month

Explanation:

Pay = monthly payment

Set the total cost equal to number of months times payment per month (which you would leave as a variable because that’s what you’re solving for).

4,626 = 18P

Divide both sides by 18 because you’re trying to isolate the P.

4,626 = 18P —-> 257 = Pr

This leaves you with an evenly split number of 257.