Ask Question
BusinessBusiness
16 March, 09:18

Chloe Closson paid for her vacation to the mountains with a $3,000 installment loan at 10% for 12 months. Her monthly payments were $263.75. After five payments, the balance due was $1,786.20. If Chloe pays off the loan with the sixth payment, how much will she save?

+1
Answers (1)
  1. 16 March, 09:34
    0
    If Chloe did not pay off the loan, she will payout 263.75 x 12 = $3165.00

    However, if Chloe pays off the loan with the sixth payment, she will pay out (263.75 x 5) + 1,786.20 = $3,086.95.

    But the question is how much will she save? To get the answer just follow this: 3165.00 - 3086.95 = $78.05

    Therefore, Chloe saves $78.05
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Chloe Closson paid for her vacation to the mountains with a $3,000 installment loan at 10% for 12 months. Her monthly payments were ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
Universal Containers (UC) has a desktop application to collect leads for marketing campaigns. UC wants to extend this application to integrate with Salesforce to create leads.
Answers (1)
Melanie needs to ensure that readers are able to locate specific sections within a document easily. What should she include in the document? concordance index table of contents bibliography
Answers (2)
An ad agency in atlanta, georgia, buys a quarter-page ad in a golfing magazine for a travel agency that specializes in preparing all-inclusive, hassle-free golf travel packages, on a 15 percent commission basis. the cost of the ad is $300.
Answers (1)
Early in 2017, Sheryl Crow Equipment Company sold 500 Rollomatics during 2017 at $6,000 each. During 2017, Crow spent $20,000 servicing the 2-year assurance warranties that accompany the Rollomatic. All applicable transactions are on a cash basis.
Answers (1)
Mona works for Leonardo Corporation as a sales representative. Leonardo gives her a travel allowance of $350 per month.
Answers (1)
New Questions in Business
Friendly's Quick Loans, Inc., offers you "eight for ten or I knock on your door." This means you get $8 today and repay $10 when you get your paycheck in one week (or else).
Answers (1)
Shoeleather costs arise when higher inflation rates induce people to:a. spend more time looking for bargains. b. spend less time looking for bargains. c. hold more money. d. hold less money.
Answers (1)
Lewis Inc. had the following information taken from various accounts for 2015: Sales Discounts $41,000 Unearned Revenue $32,000 Total Sales $459,000 Purchase Discounts $15,000 Sales Allowances $35,000 Accounts Receivable $205,000 What was Lewis Inc.
Answers (1)
True or False: The basic economic theory of supply and demand suggests that when price drops, consumers will buy more and thus generate stronger demand.
Answers (1)
If you think carefully about what you're doing, always ask for advice when you need it, and keep asking questions, starting a business can be
Answers (2)
Home » Business » Chloe Closson paid for her vacation to the mountains with a $3,000 installment loan at 10% for 12 months. Her monthly payments were $263.75. After five payments, the balance due was $1,786.20.
Sign Up Forgot Password?