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

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