Question

Adden wants to pay off tho loon en his refrigeroted trailer on which he has made 15 peyments. If Adan's monthly payment is $397 ize en a 3 -year loen ot an anrual pereentage rate of 3.5\%, what is the payolf amount ?

Answer 1

The payoff amount for the loan will be $5955.

Step-by-step explanation:

To calculate the payoff amount, we need to determine the total amount that Adam will have paid after making 15 monthly payments of $397 each. The total payment can be found by multiplying the monthly payment by the number of payments.

Total Payment = Monthly Payment * Number of Payments

Total Payment = $397 * 15 = $5955

Therefore, the payoff amount will be $5955.