Math  /  Algebra

QuestionHow many monthly payments must Jawann make on an $11,000\$ 11,000 loan if he pays $411.78\$ 411.78 per month and the add-on interest rate is 10.24%10.24 \% ?
Jawann would take \square months to pay off an \$11,000 loan amount. (Round to the nearest integer as needed.)

Studdy Solution
Calculate the number of monthly payments needed.
The formula for the number of payments is: Number of Payments=Total AmountMonthly Payment \text{Number of Payments} = \frac{\text{Total Amount}}{\text{Monthly Payment}}
Number of Payments=12,126.40411.78 \text{Number of Payments} = \frac{12,126.40}{411.78}
Number of Payments29.44 \text{Number of Payments} \approx 29.44
Since the number of payments must be a whole number, round to the nearest integer:
Number of Payments=29 \text{Number of Payments} = 29
Jawann would take 29 \boxed{29} months to pay off an \$11,000 loan amount.

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