Answer:
$375 = n
Explanation:
To determine the length of Melinda's loan, we can use the information provided.
First, let's calculate the total amount she will have to pay back, including the interest.
The formula to calculate the total amount paid back is:
Total amount = Principal + Interest
Given:
Principle = $38,762
Interest rate = 6.36% or 0.0636
Using this information, we can calculate the total amount paid back:
Total amount = $38,762 + ($38,762 x 0.0636)
Next, we need to determine the number of monthly payments Melinda will make. Let's call it n.
Using the monthly payment amount of $375, we can set up the equation:
Total amount = Monthly payment x Number of payments
$38,762 + ($38,762 x 0.0636) = $375 x n
Now we can solve for n, the number of payments:
$38,762 + ($38,762 x 0.0636) = $375n
To isolate n, we subtract $38,762 from both sides of the equation:
($38,762 x 0.0636) = $375n - $38,762
Now divide both sides by $375:
($38,762 x 0.0636) / $375 = n
Calculating this expression will give us the number of payments Melinda needs to make to pay off the loan.
Remember to use a calculator or a tool to calculate this expression accurately.