Question 1

imported asset

marta borrowed $1,380 for 15 months at 13 percent apr. what will be marta's monthly payment?

a. $101.17

b. $96.76

c. $117.56

d. $106.95

question 19

use the table of interest.
imported asset

andrea borrowed $2,240 at 15 percent apr for 18 months. how much interest will she pay?

a. $336
b. $504
c. $448
d. $490

question 2

use this table to find the monthly payment.
imported asset

mark borrowed $5,500 at 11.5 percent for five years. what is his monthly payment?
a. $131.50
b. $173.50
c. $120.95
d. $150.22

1) (D)

2) (B)

3) (C)

Step-by-step explanation:

1) Amount borrowed = $1380 (P)

APR =13% or 0.13 (R)

Time = 15 months (T) = 15/12

Interest amount =

                           =  

                          = $224.25

Total amount  = 1380+224.25

                        = $1604.25

Monthly payment = 1604.25/15 = $106.95 (D)

2) Amount borrowed = $2240

APR = 15% or 0.15

Time = 18 months

Interest =

           =

          = $504 (B)

3) Amount borrowed = $5500

APR = 11.5% or 0.115

Time = 5 years

n= 12 (compounded monthly)

M =

   =

  = $120.95 (C)

$9.89

step-by-step explanation:

9.90 = p x .06 x .25 (3/12 changed to a decimal)

9.90 = p x 0.015

9.90 - 0.015 = p

9.89 = p