Question

"Platon's mom buys a car using a loan. She repays the loan by paying $22,032 in 48 equal monthly payments, how much is each payment? Show your work." Hello tutor, that is my question, thank you!

Answer 1

`\$459`

Step-by-step explanation

To find the value of each individual payment, divide the total loan amount she paid by the amount of time that she paid it for.

Therefore, we have:

`\begin{gathered} (22,032)/(48) \\ \Rightarrow\$459 \end{gathered}`

That is the value of each payment.