Lily is considering taking out a 6-year loan with monthly payments of $225 at
an APR of 1.7%,...
Mathematics, 10.03.2020 04:51 sam2019
Lily is considering taking out a 6-year loan with monthly payments of $225 at
an APR of 1.7%, compounded monthly, and this equates to a loan of
$15,390.84. Assuming that Lily's monthly payment and the APR of the loan
remain fixed, which of these is a correct statement?
O
A. If it were a 12-year loan, the amount of the loan that Lily is
considering taking out would be less than $15,390.84.
O
B. If it were an 8-year loan, the amount of the loan that Lily is
considering taking out would be less than $15,390.84.
O
C. If it were a 10-year loan, the amount of the loan that Lily is
considering taking out would be more than $15,390.84.
O
D. If it were a 4-year loan, the amount of the loan that Lily is
considering taking out would be more than $15,390.84.
Answers: 2
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