Casey is considering taking out a 30-year loan with monthly payments of $205 at an APR of 1.9%, compounded monthly, and this equ

Question

3 years ago

8

ates to a loan of $56,220.01. Assuming that the APR and the length of the loan remain fixed, which of these is a correct statement?

2 answers:

Sergio [31] · Answer 1 · 2021-12-27T00:56:24+03:00

So logically, without doing any math, you can look at the answers and see which is the correct answer.

So we are told that rate and term stay the same.

So if you make lower payments but make the same number of payments, the total amount of payments would be LESS than the original loan.

If you make higher payments, the amount of the loan would be MORE.

Look for the answer that meets this criteria.

Kipish [7] · Answer 2 · 2021-12-27T02:18:59+03:00

Kipish [7]3 years ago

4 0

Answer:

A, monthly payments of $195

Explanation: