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24 June, 18:15

Hailey is considering taking out an 8-year loan with monthly payments of

$125 at an APR of 4.7%, compounded monthly, and this equates to a loan of

$9985.95. Assuming that Hailey's monthly payment and the APR of the loan

remain fixed, which of these is a correct statement?

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Answers (1)
  1. 24 June, 18:18
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    Answer: if it was a 10-year loan, the amount that Hailey is considering taking out would be more than $9985.95.
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