Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
What is the monthly payment for a $5000.04 year loan with an APR of 2%?
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$21.70 times 12 months is
$260.40
$260.40 times 4 years
$1,041.60
1. 2 ** 34|
$5,000 plus $1,041.60 is
$6,051.60 divided by 4 years
Is $125.86 a month
Interest Rate
(APR)
1%
2%
3%
4%
Welcoming Ritual 10/4/22
What is the monthly payment for a $5,000 4-year loan with
an APR of 2%? Show work or explain your answer.
Monthly Payment per $1,000 of Loan
5%
Beowulf Anti..
6%
7%
Students, draw anywhere on this slide!
56
MacBook Air
Vincent Sori...
2-Year Loan
$42.10
$42.54
$42.98
$43.42
$43.87
$44.32
$44.77
3-Year Loan
7
$28.21
$28.64
$29.08
$29.52
$29.97
$30.42
$30.88
Florida Dept...
4-Year Loan
$21.26
$21.70
+++
$22.13
$22.58
$23.03
$23.49
$23.95
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Slideshow
Cady Studio...
5-Year Loan
$17.09
$17.53
$17.97
$18.42
$18.87
$19.33
$19.80
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Expert Solution
Step 1
Loan Amount = 5000
n = 4 years
r = 2%
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