Solve the system of equations by multiplying first. Enter the solution as an ordered pair.
1 answer:
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Answer:
- Monthly rate: 19%/12 ≈ 1.5833%
- 72 months to pay off the loan
Step-by-step explanation:
The monthly interest rate is the annual rate (APR) divided by 12.
19%/12 ≈ 1.5833%
The loan will be paid in fewer than 91 months, because Zach will be paying at least $10 per month on his current balance of $910. The attached spreadsheet shows it will take 73 payments to pay off the loan.
