Question

Which of these people repaid his loan at a variable interest rate? Andre, who made monthly payments of $57 for one year Gary, who paid $37 each month for the first six months and $67 each month for the next six months Dean, who repaid the full amount of the loan in one installment

Answer 1

B.) Gary, who paid $37 each month for the first six months and $67 for the next six months

Answer 2

Answer :Gary, who paid $37 each month for the first six months and $67 each month for the next six months

Andre, who made monthly payments of $57 for one year . Single amount is paid every month for one year. So same interest rate for the whole year.

Gary, who paid $37 each month for the first six months and $67 each month for the next six months. Different loan amount is paid for the whole year. Variable interest rates are used because the amount varies for first six months and next six months.

Dean, who repaid the full amount of the loan in one installment. No interest rates because full payment is done in one installment.