Kendra took out a loan for $750 at an 8.4% apr, compounded monthly, to buy
a stereo. if she will make monthly payments of $46.50 to pay off the loan,
which of these groups of values plugged into the tvm solver of a graphing
calculator could be used to calculate the number of payments she will have
to make?

The number of payments Kendra will have to make = 17.33 to pay off the loan completely within 18 months.

Explanation:

Paying $ 46.50 monthly, a financial calculator says it will take 18 months to pay off the loan which can also be calculated manually as follows:

= $63 + $750

= 18 months.

Amortization formula for “ n” the no of payments she will have to make is:

here, P = principal value of loan $750

         i = monthly interest rate 0.007

         A = monthly payment 46.50

Substituting values in formula

The number of payments Kendra will have to make is 17.33 to pay off the loan completely within 18 months.

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explanation:

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