Quiana took out a loan to pay for a new car. Initially, she owed the lender $15,234.68. She has repaid $247.43 of the loan each month for the past 5 months. What is the net change to the loan from Quiana’s perspective over the past 5 months? Complete the steps below to help Quiana calculate the loan amount that she’s repaid to the lender.
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Answer:
$1237.15
Step-by-step explanation:
Initial loan amount = $15,234.68
Monthly payment =$247.43
Payment's made in last five(5) months = $247.43 × 5
= $1237.15
Current balance
= $15,234.68 - $1237.15
= $13,997.53
Net change
= Initial loan amount - current balance
= $15,234.68 - $13,997.53
= $1237.15
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