Homer took out a 6-month loan for $700 at an appliance store to be paid
back with monthly payments at a 20.4% APR, compounded monthly. If the
loan offers no payments for the first 3 months, which of these groups of
values plugged into the TVM Solver of a graphing calculator will give him the
correct answer for the amount of the monthly payment over the last 3 months
of the loan?
O
A. N=0.25; 1% = 20.4; PV=-700; PMT =; FV=0; P/Y=12; C/Y=12;
PMT:END
O
B. N=0.25; 1% = 20.4; PV=-736.31; PMT=; FV=0; P/Y=12; C/Y=12;
PMT:END
O
c. N=3; 1% = 20.4; PV=-736.31; PMT =; FV=0; P/Y=12; C/Y=12;
PMT:END
O
D. N=3; 1% = 20.4; PV=-700; PMT =; FV=0; P/Y=12; C/Y=12; PMT:END
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