How many more monthly payments are made for a five-year loan than for a three-year loan?

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03-10-2021
Mathematics

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How many more monthly payments are made for a five-year loan than for a three-year loan?

Sagot :

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delakat delakat · Answer 1 · 2021-10-03T21:59:21-04:00

delakat delakat

03-10-2021

There are 12 months in a year. The difference between five years (60 months) and three years (36 months) is two years (24 months). Therefore 24 more monthly payments must be made on a five year plan.

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