Question
jared used the time to pay off formula to calculate how many payments it will take to pay off a loan, and he got n = 38.34. how many payments will it take to pay off the loan?
it will take 39 payments, because jared should round up
it will take 39 payments, because jared should round down
it will take 38 payments, because jared should round up
it will take 38 payments, because jared should round down
it will take 39 payments, because jared should round up
it will take 39 payments, because jared should round down
it will take 38 payments, because jared should round up
it will take 38 payments, because jared should round down
Answers
GPT-4o mini
When calculating the number of payments needed to pay off a loan and you end up with a decimal (in this case, \( n = 38.34 \)), you should always round up. This is because even if you are only a fraction of a payment away from being paid off, you need to make a full payment to complete the loan.
Therefore, the correct answer is:
**It will take 39 payments, because Jared should round up.**
Therefore, the correct answer is:
**It will take 39 payments, because Jared should round up.**