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 $168.01. The amount she borrowed was $8000. Instead of making her 12th 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) $6855.67
B) $6765.67
C) $6404.13
D) $6687.65
Correct Answer:
Verified
Correct Answer:
Verified
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