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2 December, 09:53

Hailey is considering taking out an 8-year loan with monthly payments of $115 at an APR of 3.2%, compounded monthly, and this equates to a loan of $9728.75. 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 is considering taking out would be more than $9728.75.

B. If it were a 14-year loan, the amount of the loan that Hailey is considering taking out would be less than $9728.75.

C. If it were a 12-year loan, the amount of the loan that Hailey is considering taking out would be less than $9728.75.

D. If it were a 10-year loan, the amount of the loan that Hailey is considering taking out would be more than $9728.75.

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  1. 2 December, 10:48
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    the answer is D ... If it were a 10-year loan, the amount of the loan that Hailey is considering taking out would be more than $9728.75.
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