Answer:
30 monthly payments.
Step-by-step explanation:
We are asked to find the number of monthly payments made for a 2 1/2 year loan.
We know that one year equals 12 months, so 2 years would be 2 times 12 months, that is:
\(2\times 12\text{ months}=24\text{ months}\)
The number of months in half year would be half of 12 that is \(\frac{12}{2}=6\) months.
\(\text{Months in 2 1/2 year}=24+6\)
\(\text{Months in 2 1/2 year}=30\)
Since 2 1/2 year equals 30 months, therefore, 30 monthly payments must be made for a 2 1/2 year loan.
