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Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447

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Chapter
Section
BuyFindarrow_forward

Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447
Textbook Problem

Melissa Silva borrowed $4,200 from the bank. If she has already repaid 3 7 of the loan, what is the remaining balance owed to the bank?

To determine

To calculate: The amount of loan which Melissa Silva owes to the bank if she borrowed a loan of $4,200 from the bank and has already paid off 37 of the loan.

Explanation

Given information:

Melissa Silva borrowed a loan of $2,400 from the bank and has already paid 37 of the loan she took from the bank.

Calculation:

The amount of loan Melissa Silva took from the bank is $4,200.

The fraction of loan she has already repaid is 37.

Therefore, the loan that she has already paid can be calculated as:

4200×37

In the above expression, the 4200 in the numerator and 7 in the denominator have a common factor 7. So, divide the 4200 in the numerator and 7 in the denominator by the common factor 7:

4200600×3

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