Question

3. What is the monthly payment for a $6,000 four-year loan with an APR of
8.50%? Use the table on page 183 in your textbook.
*
$532.85
$731.52
O $147.9
$598.67

Answer 1

The monthly payment for a $6,000 four-year loan with an APR of

8.50% is $244.04

Compound interest

The formula for calculating compound interest is expressed as:

A = P(1+r)^n

A = 6000(1+0.085)^4
A = 6000(1.95236)
A = 11,714.15

Hence the amount of the loan is 11,714.15

Monthly payment =11,714.15 /48
Monthly payment = 244.04

Hence the monthly payment for a $6,000 four-year loan with an APR of

8.50% is $244.04

Learn mor on compound interest here: https://brainly.com/question/24924853