Answered

Westonci.ca is the premier destination for reliable answers to your questions, provided by a community of experts. Join our platform to connect with experts ready to provide detailed answers to your questions in various areas. Join our platform to connect with experts ready to provide precise answers to your questions in different areas.

Vincent has a 6-month loan of $1,500 at 12% with a balance of $435.85 after the fourth payment. What is the final payment if the loan is paid off with the fifth payment?

Sagot :

Using proportions, it is found that the final payment if the loan is paid off with the fifth payment is of $488.152.

What is a proportion?

A proportion is a fraction of a total amount, and the measures are related using a rule of three.

In this problem, balance of $435.85 with interest rate of 12%, hence the final payment is given by:

P = 435.85 x 1.12 = $488.152.

More can be learned about proportions at https://brainly.com/question/24372153

#SPJ1

Your visit means a lot to us. Don't hesitate to return for more reliable answers to any questions you may have. We appreciate your time. Please come back anytime for the latest information and answers to your questions. Thank you for using Westonci.ca. Come back for more in-depth answers to all your queries.