Patrick will borrow $4300 at 11.5% APR. He will pay it back over 5 years. 

What will his monthly payment be? (Use the table)                

A) $94.56
B) $96.79
C) $123.21
D) $141.81

Guest Jan 29, 2018

1+0 Answers


What you are asked to do is to take the payment from the Table, which in this case is $2.199 per month over a period of 5 years, or 5 years x 12 months =60 months.

Then the monthly payment for $4,300 would be: $4,300/100 x $2.199 =$94.56 - which is accurate in this case.

Guest Jan 30, 2018

11 Online Users

We use cookies to personalise content and ads, to provide social media features and to analyse our traffic. We also share information about your use of our site with our social media, advertising and analytics partners.  See details