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"Platon's mom buys a car using a loan. She repays the loan by paying $22,032 in 48 equal monthly payments, how much is each payment? Show your work." Hello tutor, that is my question, thank you!

Respuesta :

ANSWER

[tex]\$459[/tex]

EXPLANATION

To find the value of each individual payment, divide the total loan amount she paid by the amount of time that she paid it for.

Therefore, we have:

[tex]\begin{gathered} \frac{22,032}{48} \\ \Rightarrow\$459 \end{gathered}[/tex]

That is the value of each payment.