Question

You are paying off a student loan in monthly installments. After

Answer 1

Answer:

The loan will be paid after 39 monthly installments.

Step-by-step explanation:

Since I am paying off a student loan in monthly installments, and after the 4th payment the remaining balance is $ 13,900, while after the 5th payment my remaining balance is $ 13,500, to determine the amount of payments in which the loan was agreed I must perform the following calculation:

13900 - 13500 = 400

400 x 5 = 2000

2000 + 13500 = 15500

15500/400 = 38.75

Thus, the loan will be paid after 39 monthly installments.