Your aunt bought a new car. After three months of car payments she owed a total of $22,275 to the bank for the car loan. After 12 months, she owed $18,900 to the bank for the car loan. What was her average payment rate on the principal of the car loan during this time?
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Answer:
Answer: $375
Step-by-step explanation:
Balance after 3 months = 22,275
Balance after 12 months = 18,900
$22,275 - $18,900 = $3,375
12 months - 3 months = 9 months
3,375 / 9 months = $375 per month
The average payment rate is $375 per month
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