Question

Harry owes the bank money. To repay his debt, he paid \$150$150dollar sign, 150 back to the bank each month. After 101010 months, his remaining debt was \$6900$6900dollar sign, 6900. What was the original amount of Harry's debt/

Answer 1

Answer: $8,400

Explanation:

Given the following:

Amount repaid each month = $150

Number of Periods for which amount was paid = 10 months

Amount left after 10 months payment = $6900

Harry's original debt=?

The total amount paid = $150 × 10 = $1500

Amount left = $6900

Total debt amount:

(Total Amount left + total amount paid )

$(6900 + 1500)

=$8400

Answer 2

Answer:

Harry's original debt was$8400

56 months to pay off his entire debt

Explanation: