Question
luis took out a 3 year loan for $4500 at a furniture store to be paid back with monthly payments at a 15.9% APR. if the loan offeres no payments for the first 15 months, how many payments will luis be required to make?
51
15
21
36
51
15
21
36
Answers
GPT-4o mini
To find out how many payments Luis will be required to make, we need to look at the loan terms. The loan is for 3 years, which equals 36 months.
Since there are no payments for the first 15 months, that leaves us with \( 36 - 15 = 21 \) months during which Luis will need to make payments.
Therefore, Luis will be required to make **21 payments**.
Since there are no payments for the first 15 months, that leaves us with \( 36 - 15 = 21 \) months during which Luis will need to make payments.
Therefore, Luis will be required to make **21 payments**.