Determining the Monthly Payment

Manuel took out a loan for $3,500 at an APR of 8% for 60 months. What is his monthly payment?

• $7,105.00

• $71.05

• $72.80

• $77.35

Dean wants to take out a loan for $5,525 at an APR of 12% for 36 months. What will his monthly payment be?

• $183.43

• $133.15

• $213.82

• $161.88

Danny took out a loan of $3,200 at an APR of 15% for 6 months. What is his monthly payment?

• $555.20

• $288.96

• $556.80

• $558.40

Kelly wants to take out a loan for $4,000 at an APR of 10% for 18 months. What number in the table corresponds with this problem?

• 5.96

• 4.61

• 8.79

• 6.01

Shannon wants to take out a loan of $1,200 at an APR of 16% for 54 months. What number in the table corresponds with this problem?

• 2.56

• 2.61

• 2.66

• 2.38

Logan wants to purchase a used car for 10,800. He put a down payment of 2,000 on it an financed the rest at an APR of 12% for 24 months. What amount will he be financing?

• $414.48

• $4.71

• $8,800

• $2,000

Danny is looking to purchase a $6,000 engagement ring for his girlfriend. He has $4,000 to put down. What will his monthly payment be if he finances the remaining amount at an APR of 11% for 6 months?

• $344.20

• $2,000

• $20

• $176.80

Jessica just purchased a hot tub for $12,000. She put a down payment of $5,000 and financed the rest at an APR of 9% for 24 months. What is her monthly payment?

• $319.90

• $261.10

• $7,000

• $548.40