Answer:
option-C
option-D
Step-by-step explanation:
we are given
He estimates that he can afford monthly payments of $265 for 10 years in order to support his loan
so, firstly we will find total amount
now, we can verify each options
option-A:
r=6.6% =0.066
Amount is same
now, we can use APR formula
It is compounded monthly
so, n=12
we can plug it and then we can solve for P
we can see that it is less than 24418.05
So, this is FALSE
option-B:
r=6.2% =0.062
Amount is same
now, we can use APR formula
It is compounded monthly
so, n=12
we can plug it and then we can solve for P
we can see that it is less than 24418.05
So, this is FALSE
option-C:
r=5.2% =0.052
Amount is same
now, we can use APR formula
It is compounded monthly
so, n=12
we can plug it and then we can solve for P
we can see that it is less than 24418.05
So, this is TRUE
option-D:
r=5.8% =0.058
Amount is same
now, we can use APR formula
It is compounded monthly
so, n=12
we can plug it and then we can solve for P
we can see that it is less than 24418.05
So, this is TRUE