Question

Michelle took out a 5-year loan for $1650 at a computer store to be paid back with monthly payments at an 8.9% APR. If the loan offers no payments for the first 26 months, how many payments will Michelle be required to make?

Answer 1

34 !!!!!!!!!!!!!!!!!!!!!!!! APEX

Answer 2

Answer:

Michelle will be required to make 34 payments.

Step-by-step explanation:

Michelle took out a 5-year loan for $1650 at a computer store to be paid back with monthly payments at an 8.9% APR.

The loan amount = $1650

The APR is =8.9%

The loan term is = 5 years or $5\times12=60$ months

Now given is that the loan offers no payments for the first 26 months. This means Michelle will be required to make = $60-26=34$ payments.

Hence, the answer is: Michelle will be required to make 34 payments.