Eduardo is considering taking out a 30-year loan with monthly payments of $175 at an APR of 3.3%, compounded monthly, and this e
quates to a loan of $39,958.42. Assuming that the APR and the length of the loan remain fixed, which of these is a correct statement? A. If Eduardo's monthly payment were $165, the amount of the loan that he is considering taking out would be more than $39,958.42. B. If Eduardo's monthly payment were $155, the amount of the loan that he is considering taking out would be less than $39,958.42. C. If Eduardo's monthly payment were $185, the amount of the loan that he is considering taking out would be less than $39,958.42. D. If Eduardo's monthly payment were $145, the amount of the loan that he is considering taking out would be more than $39,958.42.
155×((1−(1+0.033÷12)^(−12 ×30))÷(0.033÷12))=35,391.75..correct B. If Eduardo's monthly payment were $155, the amount of the loan that he is considering taking out would be less than $39,958.42
