Question

On January 1, 2009, Erin owed $17,605 to her friend Katie, who was kind enough not to charge Erin any interest. Each month during 2009, Erin paid Katie some of the money she owed. If Erin still owed Katie $6,241 on January 1, 2010, what was the average amount of Erin's monthly payments

Answer 1

$947

Step-by-step explanation:

Amount of money Erin owed to Katie on Jan 1, 2009 = $17,605

owed to Katie on Jan 1, 2010 = $6,241

Amount of money Erin paid Katie each month during 2009 = $17,605 - $6,241 = $11,364

Average amount of Erin monthly payment = $11,364 / 12 months = $947