Question

Al's total payment for his loan was $34,267. What was his monthly payment if he

paid it off after making 42 monthly payments? Round to the nearest dollar. Do not
state the units.

Answer 1

Answer: 816

Explanation:

Let's denote the monthly payment by x.

Then, Al paid a total of 42x dollars over 42 months.

We know that the total payment for the loan was $34,267. Therefore, we can set up the equation:

42x = 34267

Solving for x, we get:

x = 34267/42

x ≈ 816

So Al's monthly payment was approximately $816.