johnsonchar503
johnsonchar503 johnsonchar503
  • 11-10-2019
  • Mathematics
contestada

How many monthly payments are made for a five years loan than for a 2 years loan? *show work*

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carlyrosefire
carlyrosefire carlyrosefire
  • 11-10-2019
Well, there’s 12 months in a year so two years would be 12 x 2, which is 24. 5 years would be 12 x 5, which is 60. So to get the difference you would subtract, 60- 24= 36. So there are 36 more monthly payments for a five year loan than a two year loan.
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