Question

Quiana took out a loan to pay for a new car. Initially, she owed the lender $15,234.68. She has repaid $247.43 of the loan each month for the past 5 months. What is the net change to the loan from Quiana’s perspective over the past 5 months?

Complete the steps below to help Quiana calculate the loan amount that she’s repaid to the lender.

Part A
Write a rational number to express the initial loan amount as it relates to Quiana’s bank account.

Answer 1

To calculate the net change to the loan from Quiana's perspective over the past 5 months, subtract the total amount she has repaid from the initial loan amount. In this case, the net change is $13,997.53.

Step-by-step explanation:

The amount owed to the lender = $15,234.68

Amount repaid = $247.43

Time = 5 months

To calculate the net change to the loan from Quiana's perspective over the past 5 months, we need to subtract the total amount she has repaid from the initial loan amount.

Since she repaid $247.43 each month for 5 months, the total amount repaid is $247.43 x 5 = $1237.15.

To find the net change to the loan, we subtract the total amount repaid from the initial loan amount:

= $15,234.68 - $1237.15

= $13,997.53.

Answer 2

$13,997.53

Step-by-step explanation:

The simplest, minimally acceptable answer would stem from multiplying by 5 the $247.43 monthly payment and subtracting the result from the amount initially owed:

$15,234.68

-$ 1,237.15

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$13,997.53