Ask Question
3 July, 11:41

Cory took out a loan at a 13.5% APR, compounded monthly, to buy a car, and he is making monthly payments to pay off the loan. Which of these interest rates would have allowed Cory to pay off the loan faster?

A. 15.0%, compounded monthly

B. 14.4%, compounded monthly

C. 13.2%, compounded monthly

D. 13.8%, compounded monthly

+2
Answers (1)
  1. 3 July, 12:26
    0
    The lowest interest rate is the one that will allow the loan to be paid fastest (for the same payment amount).

    C. 13.2%, compounded monthly
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Cory took out a loan at a 13.5% APR, compounded monthly, to buy a car, and he is making monthly payments to pay off the loan. Which of ...” in 📙 Mathematics if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers