Hailey is considering taking out an 8-year loan with monthly payments of $115 at an APR of 3.2%, compounded monthly, and this eq

Question

3 years ago

8

Hailey is considering taking out an 8-year loan with monthly payments of $115 at an APR of 3.2%, compounded monthly, and this eq

uates to a loan of $9728.75. Assuming that Hailey's monthly payment and the APR of the loan remain fixed, which of these is a correct statement?
A. If it were a 6-year loan, the amount of the loan that Hailey is considering taking out would be more than $9728.75.
B. If it were a 14-year loan, the amount of the loan that Hailey is considering taking out would be less than $9728.75.
C. If it were a 12-year loan, the amount of the loan that Hailey is considering taking out would be less than $9728.75.
D. If it were a 10-year loan, the amount of the loan that Hailey is considering taking out would be more than $9728.75.

English

2 answers:

lions [1.4K] · Answer 1 · 2022-04-01T11:38:38+03:00

lions [1.4K]3 years ago

6 0

Answer:

Explanation:

Apex

Flauer [41] · Answer 2 · 2022-04-01T09:30:00+03:00

Flauer [41]3 years ago

4 0

<span>the answer is D .... If it were a 10-year loan, the amount of the loan that Hailey is considering taking out would be more than $9728.75. </span>