Respuesta :
The monthly payment is the amount which is required to pay each month to pay off the borrowed principal amount.
The total year it will take to pay off the loan is 3 years. The option 2 is the correct option.
What is monthly payment?
The monthly payment is the amount which is required to pay each month to pay off the borrowed principal amount.
Given information-
The table between the following terms is arranged below,
Inga’s Payment Plan for the First 3 Years, Year Balance Monthly Payment, End of Year Balance-
1) $19,691.28 $273.49 $16,409.40
2)$16,409.40 $273.49 $13,127. 52
3)$13,127. 52 $273.49 $9,845. 64
The amount of $273.49 is deducting from her account each month. As the number of months in a e year are 12. Thus the yearly amount is deducting from account,
[tex]=273.49\times12\\=3281.88[/tex]
Hence, the yearly amount is deducting from account is $3281.88.
End of the third column of the table the end of year balance of her loan is $9285.64.
Thus the amount which has to pay be paid is $9285.64.
As the the yearly amount is deducting from account is $3281.88. Thus the total year ([tex]t[/tex]) it will take to pay $9285.64 is,
[tex]t=\dfrac{9285.64}{3281.88} \\t=3[/tex]
Thus the total year it will take to pay off the loan is 3 years. The option 2 is the correct option.
Learn more about the monthly payment here;
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