Question

Camilla entered the following group of values into the TVM Solver of her
graphing calculator. N = 24,1% = 1.2, PV = PMT = -480; FV = 0P/Y = 12; C/Y
= 12, PMT-END. Which of these problems could she be trying to solve?
O A. A person can afford a $480-per-month loan payment. If she is
being offered a 24-year loan with an APR of 1.2%, compounded
monthly, what is the most money that she can borrow?
O B. A person can afford a $480-per-month loan payment. If she is
being offered a 24-year loan with an APR of 14.4%, compounded
monthly, what is the most money that she can borrow?
O C. A person can afford a $480-per-month loan payment. If she is
being offered a 2-year loan with an APR of 14.4%, compounded
monthly, what is the most money that she can borrow?
D. A person can afford a $480-per-month loan payment. If she is
being offered a 2-year loan with an APR of 1.2%, compounded
monthly, what is the most money that she can borrow?

Answer 1

Answer: the answer is d

A p e x

Answer 2

The problem that Camilla could she be trying to solve is D. a person can afford a $480-per-month loan payment.

What is a loan?

It should be noted that a loan simply means an amount of money that's taken for future repayment.

In this case, the information given shows that the problem will be that the person can afford a $480-per-month loan payment and she is being offered a 2-year loan with an APR of 1.2%, compounded monthly.

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