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20 May, 20:39

Jesse borrowed $16,000 to purchase a new car. He borrowed the money from his local bank by taking out a loan that he would need to repay over 30 months. If the total interest charge was $2,917.10, what were his monthly payments?

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  1. 20 May, 20:46
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    The answer is $630.57

    You first need to add both the borrowed money and the interest then divide it all by 30

    $16,000+$2,917.10 = $18917.10

    $18917.10/30 = $630.57
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