Answer and Explanation
Your Answer is
Correct Answer is G
Explanation
By reading the table, it can be seen that the 9% interest rate in the 5-year (60-month) column should be half of the sum of the 8% and 10% interest rates. Choose G.
Use the following information to answer questions 42–44.
Kaylee is planning to purchase a car. She will need to borrow some of the money and has a chart, shown below, to use to approximate her monthly payment. The chart gives the approximate monthly payment per $1,000 borrowed.
44. Another dealership is offering 5-year loans with a 9% annual interest rate. Kaylee uses her chart to estimate the payment per $1,000 borrowed. Of the following, which is most likely the monthly payment per $1,000 borrowed?