Your aunt bought a new car. after three months of car payments she owed a total of $22,275 to the bank for the car loan. after 12 months, she owed $18,900 to the bank for the car loan. what was her average payment rate on the principal of the car loan?

Total amount of money owed after three months = $22275
Total amount of money owed after 12 months = $18900
Amount of money repaid on 9 months = 22275 - 18900
                                                             = 3375 dollars
Then
Average payment rate on the principal = 3375/9
                                                              = 375 dollars
I hope that the procedure is clear enough for you to understand and this is the answer that you were looking for. I also hope that the answer has come to your desired help.

Yes, that is the correct formula. to solve this problem given the number of years, plug in the number of years for t and plug the whole thing into the