The chief finance officer of your township reminded the township board of a loan that they have to pay off in 7 years. The amount needed to pay off the loan in 7 years is $171,908.70. The officer recommended that the township should prepare for the payoff by setting aside annual payments into a fund paying 2.4%.  How much should each payment be? Group of answer choices $22,310.62 $23,982.80 $22,846.07 $25,147.79

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Q: s. C

A: Introduction: The formula for the monthly payment of the loan is given by, M=Pr(1+r)n(1+r)n-1

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A: Given ,     Dinner bill = $64    Tip was 20% .  We have to find the tip.

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Q: for

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A: Basic simple interest problem of algebra. Here option (C) is correct the solution is provided below