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Question 158

Multiple Choice

Solve the problem. Use an annual percentage rate table if necessary.
-Jennifer has a 60-month fixed installment loan, with a monthly payment of $182.49. The amount She borrowed was $9000. Instead of making her 30th payment, Jennifer is paying the remaining Balance on the loan. What is the total amount due to pay off the balance (use the actuarial Method) ?


A) $5052.72
B) $4986.89
C) $5110.95
D) $5293.44

Correct Answer:

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