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Saturday, December 3, 2011

Finance Problem 3

This is a Algebra finance word problem asked by an anonymous user which read, "Alex has made 42 of the 48 payments he owes on his car but is having trouble continuing to make the payment in full. He has made an arrangement with the bank to pay 2/3rds of his monthly payment, rather than the entire payment, every month. How many months will it take Alex to pay off his car loan with this new payment arrangement?"

Finance Problem 3 Solution Here

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