Question

If you plan to pay off a loan of $5,800 by submitting $250 per month, how many months will it take you to pay this debt off entirely and how much will your final payment be?

Answer 1

Answer: At least 24 months, with a final payment of 50 dollars on the 24th month.

Explanation:

5,800/250 = 23.2

An easier way to do this is get this answer, and then multiply 250 by 23 which gives you ($)5,750, then just subtract that from $5,800 leaving you with 50, which is your last payment which is where the .2 comes from. Meaning it will take 24 months at the least, giving you $50 as your final payment.

Answer 2

24 months. Your final payment would be $50

Explanation:

5800/250 gets you 23.2 but you can't have half of a month so, it would take 24 months. 250*23 makes 5750. 5800-5750 gets you 50. Your final payment would be $50