A loan of $2,000 dollars is being paid off over time. You have automatic payments set up to pay $50 towards the loan each month.

Question

3 years ago

5

A loan of $2,000 dollars is being paid off over time. You have automatic payments set up to pay $50 towards the loan each month.

You also work and save money in your bank account. You currently have $500 in the bank and save an additional $100 per month. What is the earliest you could pay off you loan?

Mathematics

1 answer:

vredina [299] · Answer 1 · 2022-10-14T07:40:19+03:00

vredina [299]3 years ago

7 0

Answer:

10 months

Step-by-step explanation:

2000 - 500 = 1500.

You can pay 100 + 50 = 150 per month

1500 / 150 = 10 months