Question

Wang Yong owes the bank

Answer 1

Given:

Wang Yong owes the bank $8500. He pays back a fixed amount each month. After 12 months, he still has to pay off $6460.

To Find:

The amount of money he pays the bank every month and how long it will take him to pay off the full debt.

Answer:

Wang Yong pays $170 each month, and doing so, it will take him a total time of 50 months to pay off the full debt.

Step-by-step explanation:

Wang Yong has borrows $8500 according to the question.

Say he pays the bank an amount of x every month, which is fixed. After 12 months, he still has to pay $6460.

In 12 months, he would have paid the bank 12x.

But $6460 is still left out of the original $8500.

This means,

$8500-12x=6460\\\\12x=8500-6460\\\\12x=2040\\\\x=170$

That is, Wang Yong pays the bank $170 every month.

Next, to calculate the amount of time it took Wang Yong to pay back his whole debt, we divide the total sum of money owed to the bank by the amount Wang Yong pays each month.

So, number of months = 8500 ÷ 170 = 50

That is, Wang Yong will pay off his debt 50 months after borrowing the money from the bank, provided he pays back $170 every month.