Multiple Choice
Miss Jones borrowed $10,000 at 12% compounded monthly, and agreed to pay back the loan by equal monthly payments over five years. After making the first 10 payments on time, she missed the next four payments.
-How much extra interest did Miss Jones have to pay because of the late payments?
A) $22.47
B) $16.85
C) $179.15
D) $11.25
E) $4.50
Correct Answer:

Verified
Correct Answer:
Verified
Q67: A loan of $10,000 at 9.5% compounded
Q68: How much interest would you pay in
Q69: Gloria purchased a $45,000 vehicle by financing
Q70: Jason purchased a car for $32,000 and
Q71: A loan of $49,600 is to be
Q73: The Dawsons are refinancing their 20-year mortgage
Q74: A mortgage loan of $132,000 at 7%
Q75: The Bingham family had a Loan to
Q76: An $80,000 loan is amortized by
Q77: A loan of $49,600 is to be