QuestionWhat is the monthly payment for a loan of \$8,712 paid over 36 months?

Studdy Solution

STEP 1

Assumptions1. The loan amount is $8,712. The loan will be paid off in36 monthly payments3. The payments are equal in amount4. There is no interest rate mentioned, so we assume there is no interest

STEP 2

The total loan amount needs to be divided equally among the36 months to find the amount of each payment.
$Monthly\, payment = Loan\, amount / Number\, of\, months$

STEP 3

Now, plug in the given values for the loan amount and the number of months to calculate the monthly payment.
$Monthly\, payment = \$8,712 /36$

STEP 4

Calculate the monthly payment amount.
$Monthly\, payment = \$8,712 /36 = \$242$ Each payment will be $242.

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