To find the net change to the loan from Quiana’s perspective over the past 5 months, we need to subtract the total amount she has repaid from the initial amount she owed.
Initial loan amount = $15,234.68
Amount repaid each month = $247.43
Number of months = 5
Total amount repaid over 5 months = Amount repaid each month × Number of months
Total amount repaid = $247.43 × 5
Now, we can calculate the net change to the loan:
Net change = Initial loan amount - Total amount repaid
Net change = $15,234.68 - ($247.43 × 5)
Net change = $15,234.68 - $1237.15
Net change = $14,997.53
So, from Quiana’s perspective, the net change to the loan over the past 5 months is $14,997.53. This represents the remaining amount she owes after making the monthly repayments.
