216k views
5 votes
A loan of $2,000 dollars is being paid off over time. You have automatic payments set up to pay $50 towards the loan each month. You also work and save money in your bank account. You currently have $500 in the bank and save an additional $100 per month. What is the earliest you could pay off you loan?

User Dreadbot
by
8.1k points

1 Answer

7 votes

Answer:

10 months

Explanation:

2000 - 500 = 1500.

You can pay 100 + 50 = 150 per month

1500 / 150 = 10 months

User Sodiumnitrate
by
7.9k points

No related questions found

Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

9.4m questions

12.2m answers

Categories