Sharon will borrow $3400 at 11% APR. She will pay it back over 18 months. What will her monthly payment be? (Use table)

A$ 512.42
B$ 220.06
C$ 681.50
D$ 561.00

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

What will his monthly payment be? (Use the table) *note Second photo uploaded)

A$94.56
B$86.79
C$123.21
D$141.81

Question

Answered

Verified Answer :

pearlielb pearlielb · Answer 1 · 2019-01-29T16:30:34-05:00

Answer:

1. The answer is 220.06

2. Then the monthly payment for $4,300 would be: $4,300/100 x $2.199 =$94.56

Step-by-step explanation:

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tardymanchester tardymanchester · Answer 2 · 2019-02-05T01:16:52-05:00

Answer:

1) The Monthly payment is 220.06.

2) The Monthly payment is 73.24.

Step-by-step explanation:

1) Given : Sharon will borrow $3400 at 11% APR. She will pay it back over 18 months.

To find : What will her monthly payment be?

Solution : Amount is $3400 , APR = 11% , Time= 18 months

From the table 1 we can see at 11% APR and in 18 months the interest per $100 is 16.50 (Marked in attached table 1)

So, The total interest is

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The Monthly payment is @@MATH_TOKEN_1@@

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Therefore,The Monthly payment is 220.06 Option B is correct.

2) Given : Patrick will borrow $4300 at 11.5% APR. He will pay it bak over 5 years.

To find : What will her monthly payment be?

Solution : Amount is $4300 , APR = 11.5% , Time= 5 years

From the table 2 we can see at 11.5% APR and in 5 years the interest per $100 is 2.199 (Marked in attached table 2)

So, The total interest is

$I=2.199\times 43 =94.557$

The Monthly payment is $M= \frac{A+I}{t}$

$M=\frac{4300+94.557}{5\times 12}=73.24$

Therefore,The Monthly payment is 73.24.