How much will Molly’s Monthly Payment be if She makes 36 Monthly Payments?

How much will Molly’s Monthly Payment be if She makes 36 Monthly Payments?

The correct answer is $597 per month.

Molly needs to borrow $21,495. If there's no interest (0% APR), she would pay about $597.08 each month for 36 months. Molly wouldn't pay any extra money as interest.

What is Payment?

Payment means giving money or something valuable to someone in return for something you want to buy or a service you receive. The person who gives the money is the payer, and the person who receives it is the payee.

Payment is when you agree with someone on how much you'll give them for what they're giving you. You can use cash, checks, electronic transfers, credit cards, debit cards, or even digital currencies to make a payment.