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timama [110]
3 years ago
13

Jason is considering taking out a 20-year loan with monthly payments of $140 at an APR of 5.1%, compounded monthly, and this equ

ates to a loan of $21,037.05. Assuming that the APR and the length of the loan remain fixed, which of these is a correct statement?
A.If Jason's monthly payment were $190, the amount of the loan that he is considering taking out would be less than $21,037.05.

B.If Jason's monthly payment were $110, the amount of the loan that he is considering taking out would be more than $21,037.05.

C.If Jason's monthly payment were $130, the amount of the loan that he is considering taking out would be less than $21,037.05.

D.If Jason's monthly payment were $120, the amount of the loan that he is considering taking out would be more than $21,037.05.
Mathematics
2 answers:
SVEN [57.7K]3 years ago
7 0

Answer:

For apex it is C.

Step-by-step explanation:


drek231 [11]3 years ago
5 0

Answer:

C - If Jason's monthly payment were $130, the amount of the loan that he is considering taking out would be less than $21,037.05.

Step-by-step explanation:

The EMI formula is :

\frac{p*r*(1+r)^{n} }{(1+r)^{n}-1 }

here r = 5.1/12/100=0.00425

p = 21037.05

and n = 20*12 = 240

Putting the values in formula we get

\frac{21037.05*0.00425*(1.00425)^{240} }{(1.00425)^{240}-1 }

= (21037.05*0.00425*2.767)/1.767 = $140.00

Hence, for an amount of $21,037.05, the monthly payment becomes $140. So, if Jason is paying $130, he must have taken less loan than $21037.05.

So, option C is correct.

If you want to calculate, lets take p = x and emi = 130 and put the values in above formula. (r and n are same)

130=(x*0.00425*2.767)/1.767

130= 0.0066x

x = $19696.96(approx) (This shows that the loan will be less than $21037.05)

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