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Tanzania [10]
2 years ago
13

You currently owe $20,000 on a car loan at 8.25 percent interest. If you make monthly payments of $596.59 per month, how long (i

.e., number of months rounded to one decimal place) will it take you to fully repay the loan
Business
1 answer:
abruzzese [7]2 years ago
7 0

Answer:

The answer is: 36.2 months

Explanation:

First, let us calculate the total amount to be repaid after interest has been added.

interest = 8.25% = 0.0825

interest in amount = 0.0825 × 20,000 = $1,650

Total amount to be repaid = Original amount + interest

= 20,000 + 1,650 = $21,650

Next, we are told that the repayment is made monthly at $596.59 per month, therefore number of months required to pay $21,650;

$596.59 = 1 month

∴ $21,650 = 21,650 ÷ 596.59 = 36.28 = 36.3 months ( to one decimal place)

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Answer:

D

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Net working capital can be negative or positive.

If current assets is greater than current liabilities, it would be positive, if this is not the case, it would be negative.

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