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?

Question

anonymous · Answer

what u think

anonymous · Answer

the answer is

anonymous · Answer

not quite sure.

anonymous · Answer

that doesnt make sense @heavenfun13

anonymous · Answer

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

anonymous · Answer

i did.

dtan5457 · Answer

Ok, @heavenfun13 

got the right idea, but wrote it wrong.

dtan5457 · Answer

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

dtan5457 · Answer

0.5% interest in this case is termed as 0.005%

dtan5457 · Answer

out of 100%

dtan5457 · Answer

0.005% times 20000=$100

if he pays $100 a month. 

he will NEVER pay this off.

dtan5457 · Answer

As the interest is the same amount he's paying

dtan5457 · Answer

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