Question

Paul will pay for his new car in 36 monthly payments. If his car loan is for $20,538 then how much will Paul pay each month?

Answer 1

Answer:

570.50

Step-by-step explanation:

I think it's the correct answer maybe it is maybe it's not

Answer 2

Paul has acquired a car loan of amount $20,538 and is paying off the loan amount in 36 months.  

This means that Paul will be paying $570.50 every month till the completion of 36 months.

The given parameters for the calculation of the monthly installment:

• Loan amount= $20,538
• Total months to repay the loan= 36 months

Calculation of the monthly amount of Paul's loan:

$\begin{aligned}\text{Monthly installment of loan}= \frac{\text{Total Amount of Loan Acquires}}{ \text{Total Time taken to Repay off the Loan}} \end{aligned}.$

$\begin{aligned}\text{Monthly Installment of Loan}= \frac{\ 20,538}{36}\end{aligned}$

$\begin{aligned}\text{Monthly Installment of Loan}=\ 570.50\end{aligned}$

Therefore, the monthly installment of paul will be $57.50.

To know more about the calculation of installment, refer to the link below:

https://brainly.com/question/84351