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wariber [46]
3 years ago
13

You buy a car from your neighbor at a price of $9,000. You pay $500 down and pay 9.5% on the balance. If you make monthly paymen

ts of $200, how many months (to the nearest hundredth of a month) will it take to pay off the loan? (Hint: Solve for N.)
Mathematics
1 answer:
REY [17]3 years ago
6 0

If the monthly payments mad s $200, the number of months it would take to pay off the loan is 46.54 months.

<h3>How many months would it take to pay off the loan?</h3>

The first step is to determine the total value of the loan.

Total value of the loan = (1 + interest) x amount of the loan

Amount of the loan = 9000 - 500 = $8,500

Total value of the loan = (1.095) x $8500 = $9307.50

Number of months it would take to pay off the loan = total value of the loan / monthly payments

$9307.50 / 200 = 46.54 months

To learn more about loans, please check brainly.com/question/25811386

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