Hailey is considering taking out an 8-year loan with monthly payments of $115 at an APR of 3.2%, compounded monthly, and this eq
2 answers:
Solution:
Let initial amount of loan = $ x
Total amount that Hailey,is thinking about taking as loan= $ 9728.75
Number of months in 8 years = 12 × 8 =96 months
So, If monthly payment= $ 115
Total money paid after 96 months = 115 × 96=$ 11040
Monthly amount if APR= 3.2 % monthly of amount x=
Total money paid after 6 years= 72 months = 115 × 72=$ 8280
Total money paid after 10 years= 120 months = 115 × 120=$ 13,800
Option (D) : →→ If it were a 10-year loan, the amount of the loan that Hailey is considering taking out would be more than $9728.75 is true.
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