Question

EVERY MONTH, MS. THOMAS PAYS HER CAR LOAN THROUGH

AUTOMATIC PAYMENTS(WITHDRAWLS) FROM HER SAVINGS
ACCOUNT. SHE PAYS THE SAME AMOUNT ON HER CAR LOAN
EACH MONTH. AT THE END OF THE YEAR, HER SAVINGS
ACCOUNT BALANCE CHANGED BY -$2,931 FROM PAYMENTS MADE
ON HER CAR LOAN.


WHAT IS THE CHANGE IN MS. THOMAS SAVINGS ACCOUNT
BALANCE EACH MONTH DUE TO HER CAR PAYMENTS?

Answer 1

Step-by-step explanAnswer: -$1465.5

Ms. Thomas pays the 'same' amount as her car loan each month through car payments.

Total amount payed at the end of the year for car loan = -$2931

Change in Ms. Thomas' savings account each month (with respect to car loan) =

-2931/12 = -$244.25

So, to to calculate the total change to Ms. Thomas's savings account balance after paying for car loan for six months, we will simply multiply one month's amount with 6:

-$244.25 x 6 = -$1465.5ation: