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How many weeks will Eric have to make payments to pay off the loan?

Eric is paying $39 per week to pay off a loan for $14,568. 
How many weeks will he have to make payments to pay off the loan? How much will his last payment be?

Solution Preview

$14,560 / $39 = 373.3333 weeks

$39.00 X 373 weeks = $14,547

$14,560 - $14,547 = $21.00

373 weeks to pay off the loan and the last week will be a payment of $21.00

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wk pmt ...

Solution Summary

Given a total loan amount, the payments were calculated including the last payment amount.

$2.19