Question

Wang Yong owes the bank \$8500$8500dollar sign, 8500. To repay the debt, he paid a fixed amount back to the bank each month. After 121212 months, his remaining debt was \$6460$6460dollar sign, 6460. How much did Wang Yong pay each month? \$$dollar sign How long did it take Wang Yong to pay back his entire debt? months

Answer 1

Amount owed by Wang = $8500

Let the amount paid by him each month be = x

Remaining debt after 12 months = $6460

Hence, Wang had paid =
`8500-6460=2040` in 12 months

Let us assume that Wang paid the same amount per month for 12 months

So, he paid =
`(2040)/(12)=170`

Wang paid each month $170.

Assuming that he paid the same amount every time till all the money is paid, so time taken to pay entire amount of $8500

=
`(8500)/(170)` = 50 months

Answer 2

Explanation:

Wang Yong paid the bank 170 each month

It took Wang Yong 50 months to pay back his entire debt.