Gunther just financed a John Deere tractor through the dealership. If his monthly payment is $150.00 a month, for 5 years, with no interest, how much did he finance the tractor for? Let's be accurate as possible.
There are 12 months in 1 year and his loan is for 5 years so that's 12 * 5 = 60 months. His monthly payment is $150.00 and he pays this for 60 months so his loan for the tractor was 150 * 60 = $9,000.00.
The answer: 9000.