+0  
 
+1
896
1
avatar

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

 Jan 29, 2018
 #1
avatar
0

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.

 Jan 30, 2018

24 Online Users

avatar
avatar
avatar
avatar

New Privacy Policy

We use cookies to personalise content and advertisements and to analyse access to our website. Furthermore, our partners for online advertising receive information about your use of our website.
For more information: our cookie policy and privacy policy.