How many monthly payments must be made to repay an interest - fee loan of 1,540 if monthly payments are $55 each?

Question

asked Sep 5, 2018 131k views

2 Answers

Matt Aldridge · Answer 1 · 2018-09-11T13:55:52+0000

The number of monthly payments that must be made in order to repay an interest-fee loan of 1540 is:

28

The total payment that is to be done in order to repay an interest - fee loan is: $ 1540

Also, the monthly payment that is made are: $ 55

Hence, the number of months it will take to repay the loan is obtained by dividing the total payment to be made by the amount paid per month.

i.e.

Number of months=1540/55

i.e.

Number of months=28