artis118
Answered

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Vanessa received a $12,000 loan from the bank to buy a motorcycle. She will repay the loan to the bank with an $300 monthly payment.

Sagot :

jkhan5025

Answer:

40 months

Step-by-step explanation:

It will take Vanessa 40 months or 3 years and 4 months to repay the bank their loan amount(without interest ofc).

sreedevi102

Answer:

Time = 42 months

Step-by-step explanation:

[tex]Monthly \ payment = [rate + \frac{rate}{(1 + rate)^{month}-1}] \times principal[/tex]

Monthly payment = 300

Principal = 12000

[tex]Rate \% = \frac{300}{12000} \times 100 = \frac{30}{12} = \frac{5}{2} = 2.5[/tex]

Substituting and solving Months = 42 months

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