John took out a loan for 51 months but paid it in full after 31 months. Find the refund fraction he should use to calculate the amount of his refund.
would it be 51/31?
or x/31?
lots of missing information
What was the rate of interest?
Did he make any monthly payments?
Did he make not payments except the one at the end of 31 months?
I think the question wants to see how we would go about getting the answer.
No, the refund fraction should be calculated based on the remaining number of months, not the original number of months. To find the refund fraction, you need to determine how many months are remaining on the loan after John paid it in full.
To calculate the remaining months, subtract the number of months John paid from the original loan duration. In this case, the original loan duration was 51 months and John paid it in full after 31 months. Subtracting 31 from 51 gives us 20 months remaining.
So, the refund fraction John should use to calculate his refund would be 20/51, representing the remaining fraction of the loan duration.