To purchase a car, Sarah took out a 60-month loan for $28,900 with a 6.1% annual interest rate. After making 45 payments, Sarah received a bonus from work and plans to use it to pay off the remaining balance. Calculate Sarah's monthly payment and the amount needed to pay off her loan.
To purchase a car, Sarah took out a 60-month loan for $28,900 with a 6.1% annual interest rate. After making 45 payments, Sarah received a bonus from work and plans to use it to pay off the remaining balance. Calculate Sarah's monthly payment and the amount needed to pay off her loan.
Chapter2: Solving Linear Equations
Section2.2: Use A Problem Solving Strategy
Problem 2.53TI: Eduardo noticed that his new car loan papers stated that with a 7.5% simple interest rate, he would...
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Question
To purchase a car, Sarah took out a 60-month loan for
$28,900
with a
6.1%
annual interest rate. After making
45
payments, Sarah received a bonus from work and plans to use it to pay off the remaining balance. Calculate Sarah's monthly payment and the amount needed to pay off her loan.
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