Question

You took any loan of $9,015.20 to buy a car. The loan is to be paid back in 48 equal monthly payments how much is each payment round your answer to the nearest cent

Answer 1

Answer: 187.82

Step-by-step explanation: Just divide and answer is 18.82

Answer 2

48 payments of $187.82 needs to be paid to pay off the loan of amount 9015.20.

Solution:

Given that

Loan amount taken to buy a car= $9,015.20

Loan is to be paid back in 48 equal monthly payments

Need to calculate each month’s payment.

As no information is given regarding rate of interest, assuming that loan amount includes interest rate.

So amount needs to be paid back in 48 months = 9015.20

=> Amount needs to be paid in 1 month =
`(9015.20)/(48) = 187.82`

Hence 48 payments of $187.82 needs to be paid to pay off the loan of amount 9015.20