Question

WILL MEDAL HELP!ben bought a new car and took out a loan for $20,000 with a monthly interest of 0.5%. If ben pays $100 per month , will Ben ever pay the balance off?

Answer 1

what u think

Answer 2

the answer is

Answer 3

not quite sure.

Answer 4

that doesnt make sense @heavenfun13

Answer 5

yeah, i get that, but it would be 10,000

Answer 6

i did.

Answer 7

Ok, @heavenfun13

got the right idea, but wrote it wrong.

Answer 8

0.5% interest is NOT 50% interest or aka he's paying $10000 a month

Answer 9

0.5% interest in this case is termed as 0.005%

Answer 10

out of 100%

Answer 11

0.005% times 20000=$100

if he pays $100 a month.

he will NEVER pay this off.

Answer 12

As the interest is the same amount he's paying

Answer 13

Questions?