Karen is considering taking out a 20-year loan with monthly payments of $260 at an APR of 5.5%, compounded monthly, and this equates to a loan of $37,796.89. Assuming that the APR and the length of the loan remain fixed, which of these is a correct statement?

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15-05-2018
Mathematics

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Karen is considering taking out a 20-year loan with monthly payments of $260 at an APR of 5.5%, compounded monthly, and this equates to a loan of $37,796.89. Assuming that the APR and the length of the loan remain fixed, which of these is a correct statement?

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Hellooitsme Hellooitsme · Answer 1 · 2018-05-17T22:19:02+02:00

Hellooitsme Hellooitsme

17-05-2018

If Karen's monthly payment were $240, the amount of the loan that she is considering taking out would be less than $37,796.89. - Fellow Apex Tester :)

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