Question

The table shows a schedule of the first year of Kamil’s payment plan for a car.

Kamil’s Payment Plan for the First Year
Year

Balance

Monthly Payment

End of Year
Balance
1

$13,086.72

$363.52

$8,724.48






How many years will it take Kamil to pay off the loan?
1 year
2 years
3 years
4 years

Answer 1

THE ANSWER WOULD BE ( 3 YEARS )

Answer 2

It will take 3 years to pay off the loan.

What is a loan?

A loan is when cash is given to any other birthday celebration in change for reimbursement of the mortgage foremost quantity plus interest. mortgage terms are agreed to by each party before any money is superior. A mortgage may be secured via collateral inclusive of a mortgage or it is able to be unsecured inclusive of a credit score card.

Is a loan a fee?

The loan payment itself is not a rate, but a combination of the legal responsibility discount and hobby fee. Enterprise credit cards also are a liability. The payments to the credit b organization are not fees, they're a discount of liability.

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