Adam pays a monthly payment of $ 38.84 on his $ 3,900 loan. At the same rate, find Erica's monthly payment on her $ 19,500 loan. Round to the nearest penny.

Name: Adam pays a monthly payment of $ 38.84 on his $ 3,900 loan. At the same rate, find Erica's monthly payment on her $ 19,500 loan. Round to the nearest penny.
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Question

Adam pays a monthly payment of $ 38.84 on his $ 3,900 loan. At the same rate, find Erica's monthly payment on her $ 19,500 loan. Round to the nearest penny. ​

Quizplus · Accepted Answer

Erica's loan is 5 times larger than Adam's ($19,500 / $3,900 = 5). Therefore, her monthly payment is also 5 times larger than Adam's ($38.84 * 5 = $194.20).

Adam Pays a Monthly Payment of $ 38