Question

Every month, Ms. Jones pays her car loan through automatic payments (withdrawals) 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 −$3,702 from payments made on her car loan. Part A What is the change in Ms. Jones' savings account balance each month due to her car payment? ​

Answer 1

- $308.50

Explanation:

Given that :

Total change in savings account due to car loan payment = - $3702

Amount paid as car loan paynmet monthly is the same ;

Number of months in a year = 12

Change in saving account per month die to car loan payment :

Total change in account over a year / number of months on a year

= - $3702 / 12

= - $308.50

A monthly change of - $308.50 in savings account.