Question

Linear Review: Billy Bob recently purchased solar panels for his home. After 5 months he still owed 2850. He makes a $30 payment each month towards his loan. Build a model. Write an explanation for slope and y-intercept. How many months will it take Billy Bob to finish making payments.

Answer 1

Explanation:

B) The first step is to calculate the monthly payment using a present value (PV) of $59,000 , monthly interest rate of 7.60 /12 = 0.633333 %, and 60 periods, which = $1185.04 ; the second step is to add $50 to this monthly payment giving the new monthly payment of $1235.04 ; the last step is to calculate the time required to pay off the loan = 57.0740 months.