Question

How much would you pay monthly on a $6,000 loan if you pay 12.5 percent for 10 years? $87.90 $70.32 $55.58 $125.00?

Answer 1

if you pay an interest of  12.5 %, the total loan that you should pay is 112.5/100 x 6,000 = 6,750
Assuming that there is no accumulation and other agreement in payment, the monthly payment would be
6750 / (12x10)
= Approximately $55.58 

Answer 2

Answer:

A) $87.90

Explanation:

1.465 / 100 = 0.01465

0.01465 * 6000 = 87.90

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