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QUESTION 1


Imported Asset


Marta borrowed $1,380 for 15 months at 13 percent APR. What will be Marta's monthly payment?

A$101.17

B$96.76

C$117.56

D$106.95

QUESTION 19


Use the table of interest.

Imported Asset


Andrea borrowed $2,240 at 15 percent APR for 18 months. How much interest will she pay?

A$336
B$504
C$448
D$490

QUESTION 2


Use this table to find the monthly payment.

Imported Asset


Mark borrowed $5,500 at 11.5 percent for five years. What is his monthly payment?

A$131.50
B$173.50
C$120.95
D$150.22

Verified Answer :

Answer:

1) (D)

2) (B)

3) (C)

Step-by-step explanation:

1) Amount borrowed = $1380 (P)

APR =13% or 0.13 (R)

Time = 15 months (T) = 15/12

Interest amount = @@MATH_TOKEN_0@@

                           =  @@MATH_TOKEN_1@@

                          = $224.25

Total amount  = 1380+224.25

                        = $1604.25

Monthly payment = 1604.25/15 = $106.95 (D)

2) Amount borrowed = $2240

APR = 15% or 0.15

Time = 18 months

Interest = @@MATH_TOKEN_2@@

           = @@MATH_TOKEN_3@@

          = $504 (B)

3) Amount borrowed = $5500

APR = 11.5% or 0.115

Time = 5 years

n= 12 (compounded monthly)

M = @@MATH_TOKEN_4@@

   = @@MATH_TOKEN_5@@

  = $120.95 (C)

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