Hailey is considering taking out an 8-year loan with monthly payments of
$125 at an apr of 4.7...
Mathematics, 11.12.2019 01:31 danielahchf
Hailey is considering taking out an 8-year loan with monthly payments of
$125 at an apr of 4.7%, compounded monthly, and this equates to a loan of
$9985.95. assuming that hailey's monthly payment and the apr of the loan
remain fixed, which of these is a correct statement?
a. if it were a 6-year loan, the amount of the loan that hailey isconsidering taking out would be more than $9985.95.
b. if it were a 10-year loan, the amount of the loan that hailey isconsidering taking out would be more than $9985.95.
c. if it were a 12-year loan, the amount of the loan that hailey is considering taking out would be less than $9985.95.
d. if it were a 14-year loan, the amount of the loan that hailey is considering taking out would be less than $9985.95.
Answers: 3
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