Question

Ryan's total payment for his loan was $20,943. What was his monthly payment if he paid it off after making 51 payments? Round answer to a whole number.

Answer 1

To determine the monthly payment made by Ryan, we simply have to divide the total amount over the number of payments made. That is,

`20,943/51`

After dividing the two numbers, we will get 410.6470588. If we round this off to the nearest whole number, it will be 411. Hence, Ryan's monthly payment for his loan is $411.

See the long division process below.