Question

Patrice borrowed $1,700 at 9.5% for 12 months under a monthlyinstallment plan. She must pay $8.7683 per $100 each month for 12months. How much is her monthly installment payment?a. $14.91b. $149.06c. $72d. $839.55

Answer 1

How many blocks of $100 are there in $1700?

$\frac{1700}{100}=17$

Patrice has to pay $8. 7682 for each $100 in $1700, per month.

There are 17 $100 in $1700.

So, Patrice needs to pay >>>

$8.7682 * 17 = $149.0594 (per month)

Rounded to the nearest cent,

$149.06

Answer

B