Vincent has a 6-month loan of $1,500 at 12% with a balance of $435.85 after the fourth payment. What is the final payment if the loan is paid off with the fifth payment?

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07-05-2022
Mathematics

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Vincent has a 6-month loan of $1,500 at 12% with a balance of $435.85 after the fourth payment. What is the final payment if the loan is paid off with the fifth payment?

Sagot :

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Joaobezerraidn Joaobezerraidn · Answer 1 · 2022-05-12T05:30:29-04:00

Using proportions, it is found that the final payment if the loan is paid off with the fifth payment is of $488.152.

What is a proportion?

A proportion is a fraction of a total amount, and the measures are related using a rule of three.

In this problem, balance of $435.85 with interest rate of 12%, hence the final payment is given by:

P = 435.85 x 1.12 = $488.152.

More can be learned about proportions at https://brainly.com/question/24372153

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Sagot :

What is a proportion?

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