Question

Platons mom buys a car using a loan. She repays the loan by paying $22,032 in 48 equal monthly payment. How much is each payment?

Answer 1

9514 1404 393

Answer:

$459

Explanation:

Each of the 48 equal monthly payments is 1/48 of the total repaid:

payment = $22,032/48 = $459

Each payment is $459.