Farrah Borrowed $$ 155 155 155 $ From Her Brother. She Has Already Paid Back $$ 15 15 15 $. She Plans To Pay Back $$ 35 35 35 $ Each Month Until The Debt Is Paid Off. Which Describes The Number Of Months It Will Take To Pay

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Introduction

Paying off a debt can be a daunting task, but with a clear plan, it can be achieved. In this article, we will explore the concept of paying off a debt and determine the number of months it will take to pay off a debt based on a specific payment plan. We will use a real-life scenario to illustrate this concept.

The Scenario

Farrah borrowed $155 from her brother and has already paid back $15. She plans to pay back $35 each month until the debt is paid off. The question is, how many months will it take for Farrah to pay off the debt?

Understanding the Debt

To determine the number of months it will take to pay off the debt, we need to understand the concept of debt and how it is paid off. A debt is an amount of money that is owed to someone else. In this case, Farrah owes her brother $155.

Calculating the Remaining Debt

To calculate the remaining debt, we need to subtract the amount already paid back from the total amount borrowed.

Remaining debt = Total amount borrowed - Amount already paid back Remaining debt = $155 - $15 Remaining debt = $140

Determining the Number of Months

Now that we know the remaining debt, we can determine the number of months it will take to pay off the debt. Farrah plans to pay back $35 each month. To calculate the number of months, we can divide the remaining debt by the monthly payment.

Number of months = Remaining debt / Monthly payment Number of months = $140 / $35 Number of months = 4

Conclusion

In conclusion, based on the payment plan of paying back $35 each month, it will take Farrah 4 months to pay off the debt of $155.

Additional Considerations

There are several additional considerations to keep in mind when paying off a debt. These include:

  • Interest rates: If the debt has an interest rate, it will affect the total amount paid over time.
  • Payment frequency: If the payment frequency is changed, it will affect the number of months it takes to pay off the debt.
  • Additional payments: If additional payments are made, it will affect the number of months it takes to pay off the debt.

Real-World Applications

Paying off a debt is a common scenario in real life. For example, when buying a car, a person may borrow money from a bank or a dealership to pay for the car. The person then makes monthly payments to pay off the debt. Similarly, when taking out a loan for a house or a college education, the person makes monthly payments to pay off the debt.

Mathematical Formulas

The mathematical formulas used to calculate the number of months it takes to pay off a debt are:

  • Remaining debt = Total amount borrowed - Amount already paid back
  • Number of months = Remaining debt / Monthly payment

Conclusion

Introduction

Paying off a debt can be a daunting task, but with a clear plan and understanding of the debt and the payment plan, it can be achieved. In this article, we will answer some frequently asked questions about paying off a debt.

Q: What is the first step in paying off a debt?

A: The first step in paying off a debt is to understand the debt and the payment plan. This includes knowing the total amount borrowed, the interest rate, and the monthly payment.

Q: How do I calculate the remaining debt?

A: To calculate the remaining debt, you need to subtract the amount already paid back from the total amount borrowed.

Remaining debt = Total amount borrowed - Amount already paid back

Q: How do I determine the number of months it will take to pay off the debt?

A: To determine the number of months it will take to pay off the debt, you can divide the remaining debt by the monthly payment.

Number of months = Remaining debt / Monthly payment

Q: What if I have multiple debts with different interest rates and monthly payments?

A: If you have multiple debts with different interest rates and monthly payments, you can use a debt repayment calculator or create a spreadsheet to help you determine the number of months it will take to pay off each debt.

Q: Can I pay off a debt early?

A: Yes, you can pay off a debt early by making additional payments or paying more than the minimum payment each month.

Q: What are some tips for paying off a debt?

A: Some tips for paying off a debt include:

  • Create a budget: Make a budget to track your income and expenses and determine how much you can afford to pay each month.
  • Prioritize your debts: Prioritize your debts by focusing on the debt with the highest interest rate or the smallest balance.
  • Make extra payments: Make extra payments or pay more than the minimum payment each month to pay off the debt faster.
  • Consider debt consolidation: Consider consolidating your debts into a single loan with a lower interest rate and a single monthly payment.

Q: What are some common mistakes to avoid when paying off a debt?

A: Some common mistakes to avoid when paying off a debt include:

  • Not creating a budget: Not creating a budget can make it difficult to determine how much you can afford to pay each month.
  • Not prioritizing your debts: Not prioritizing your debts can make it difficult to pay off the debt with the highest interest rate or the smallest balance.
  • Not making extra payments: Not making extra payments or paying more than the minimum payment each month can make it difficult to pay off the debt faster.
  • Not considering debt consolidation: Not considering debt consolidation can make it difficult to pay off multiple debts with different interest rates and monthly payments.

Conclusion

Paying off a debt requires a clear plan and understanding of the debt and the payment plan. By answering these frequently asked questions, we hope to provide you with a better understanding of how to pay off a debt and avoid common mistakes.