Question

Jesse borrowed $16,000 to purchase a new car. He borrowed the money from his local bank by taking out a loan that he would need to repay over 30 months. If the total interest charge was $2,917.10, what were his monthly payments?

Answer 1

The answer is $630.57

You first need to add both the borrowed money and the interest then divide it all by 30

$16,000+$2,917.10= $18917.10

$18917.10/30= $630.57