A is the answer to your question
Answer:
The monthly payments = $ 297
Step-by-step explanation:
It is given that,Tom’s total payment for his loan was $14,256 he paid it off at making 48 monthly payments
<u>To find the monthly payments</u>
we have,
Total payment = $14256
Number of monthly payments = 48
Monthly payments = 14256/48 = 297
Therefore Tom's monthly payments of his loan = $ 297
I = prt
p = 7430
r = 5%....turn to decimal = 0.05
t = 3
I = (7430)(0.05)(3)
I = 1114.50 <===
