Solve the word problems using either the percent equation or the percent
2 answers:
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Answer:
We will choose option D.
Step-by-step explanation:
Milton took out a loan for $2400 at 7% interest compounded annually.
So, after one year his loan will grow up to dollars.
Therefore, the interest added to the principal is $(2568 - 2400) = $168
But Milton makes yearly payment of $140 which is less than the interest i.e. $168 which is added to his loan in the first year.
Therefore, he can not ever pay off the loan.
So, we will choose option D. (Answer)