Quiana took out a loan to pay for a new car. Initially, she owed the lender $15,234.68. She has repaid $247.43 of the loan each month for the past 5 months. What is the net change to the loan from Quiana’s perspective over the past 5 months? Write a rational number to express the initial loan amount as it relates to Quiana’s bank account.

Initial amount of loan = $15,234.68

Monthly payment = $247.43

Number of months = 5

Required Information:

Net change in loan = ?

Net change in loan = $1,237.15 = $1,237(3/20)

Step-by-step explanation:

Quiana owed her lender an amount of 15,234.68 initially, she repaid the lender each month with an amount of $247.43 for 5 months, so the total amount that she repaid is

Total amount repaid = Monthly payment*Number of months

Total amount repaid = $247.43 × 5

Total amount repaid = $1,237.15

The remaining owed amount is given by

Balance = Initial amount of loan - Total amount repaid

Balance = $15,234.68 - $1237.15

Balance = $13,997.53

So the net change to the loan from Quiana's perspective over the past 5 months is,

Net change in loan = Initial amount of loan - Balance

Net change in loan = $15,234.68 - $13,997.53

Net change in loan = $1,237.15

or

Net change in loan = $1,237(3/20)

Therefore, the net change to the loan from Quiana's perspective over the past 5 months is $1,237.15

7. d. 64

8. i. 32

9. c. 125

10. j. none of the above

11. d. 81

12. i. 216

13. e. none of the above

14. g. 240

15. e. none of the above

16. g. 32

17.   e. none of the above