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.
<h3>What is installments?</h3>
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?
