Question

Jake took out an interest-free loan of $3,011.70 from the bank to buy a car. He paid the bank $200.78 each month until it was paid back completely. Which of the following is true?
A. Jake paid his loan back in 14 months.
B. Jake paid his loan back in 17 months.
C. Jake paid his loan back in 16 months.
D. Jake paid his loan back in 15 months.

Answer 1

$200.78 multiplied by 15 equals $3,011.70. So your answer is D)