Question

Sally Ray borrowed $38,000 to buy a new Chevy Volt. Assuming an interest charge of $4,100, what will be her monthly payment if she takes 25 months to repay the loan interest. Assume the loan is repaid in equal payments

Answer 1

$1,684 monthly.

38,000 + 4,100 = 42,100 

42,100 / 25 = 1684