Jason is considering taking out a 20-year loan with monthly payments of $140 at an apr of 5.1%, compounded monthly, and this equates to a loan of $21,037.05. assuming that the apr and the length of the loan remain fixed, which of these is a correct statement? a. if jason's monthly payment were $190, the amount of the loan that he is considering taking out would be less than $21,037.05. b. if jason's monthly payment were $110, the amount of the loan that he is considering taking out would be more than $21,037.05. c. if jason's monthly payment were $130, the amount of the loan that he is considering taking out would be less than $21,037.05. d. if jason's monthly payment were $120, the amount of the loan that he is considering taking out would be more than $21,037.05.

For apex it is C.

Step-by-step explanation:

C - If Jason's monthly payment were $130, the amount of the loan that he is considering taking out would be less than $21,037.05.

Step-by-step explanation:

The EMI formula is :

here r = 5.1/12/100=0.00425

p = 21037.05

and n = 20*12 = 240

Putting the values in formula we get

= (21037.05*0.00425*2.767)/1.767 = $140.00

Hence, for an amount of $21,037.05, the monthly payment becomes $140. So, if Jason is paying $130, he must have taken less loan than $21037.05.

So, option C is correct.

If you want to calculate, lets take p = x and emi = 130 and put the values in above formula. (r and n are same)

130=(x*0.00425*2.767)/1.767

130= 0.0066x

x = $19696.96(approx) (This shows that the loan will be less than $21037.05)

use formula for the circle a=3.14

step-by-step explanation: