Question

HELP ASAP PLEASE!!!!!!! WILL MARK BRAINLIEST

Alex elected to use the graduated payment plan for paying off his student loans. Under this plan, Alex will pay $200 per month for the first year. Each year after that, his payments will be raised by 12% over the previous year's payment. Which of the following lists Alex's monthly student loan payments for each of the first 5 years?

1.
$200.00, $248.00, $296.00, $344.00, $392.00

2.
$200.00, $212.00, $224.00, $236.00, $248.00

3.
$200.00, $202.40, $204.83, $207.29, $209.77

4.
$200.00, $224.00, $250.88, $280.99, $314.70

Answer 1

The answer is number 4 because you have to find the amount raised by doing 200 x .12(the percentchange) to get 24. You add 24 to 200 toget how much his payment was raised by. It was raised by $24.00

Answer 2

The initial payment is $200.  After the first 12% increase, that $200 will be (1.12)($200), or $224.00.  The correct answer choice is #4.