Bethany will borrow $7400 at 7% APR. She will pay it back over 12 months. What will her monthly payment be? (Use the table.)

$510.43
$518.00
$659.83
$672.17

Hello User!

$659.83

Steps:

1.) Previous balance = 3529.30

APR = 18.6%, thus monthly interest rate = 18.6 / 12 = 1.55%

Previous balance + interest = 3529.30(1 + 0.0155) = 3584.00

New balance after transaction = 3584.00 + 148 = 3732.00

2.) Previous balance = 5834.53

APR = 20.4%, thus monthly interest rate = 1.7%

Previous balance - payment = 5834.53 - 150 = 5680.53

Balance + interest = 5634.53(1 + 0.017) = 5781.17

New balance after transaction = 5781.17 + 325 = 6106.17

3.) Total payment = 15264

Number of payments = 72 monthly payments

Monthly payment = 15264 / 72 = 212

4.) Amount bollowed = 7400 at 7% APR

Amount plus interest = 7400(1 + 0.07) = 7918

Monthly payment = 7918 / 12 = 659.83

step-by-step explanation:

if you want to solve percent error follow these steps.

1. subtract the accepted value from the experimental value.

2. take the absolute value of step 1.

3. divide that answer by the accepted value.

4. multiply that answer by 100 and add the % symbol to express the answer as a percentage.

if you want to solve percent of change just do this.

1. work out the difference (increase) between the two numbers you are comparing.

2. divide the increase by the original number and multiply the answer by 100. if your answer is a negative number then this is a percentage decrease.

hope this : )