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melvin took out a loan at a 5.6% apr,compounded monthly,to buy a clothes dryer,and he is making monthly payments to pay off the loan which of these interest rates would have allowed melvin to pay off the
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melvin took out a loan at a 5.6% apr,compounded monthly,to buy a clothes dryer,and he is making monthly payments to pay off the loan which of these interest rates would have allowed melvin to pay off the loan faster

User Nadun Kulatunge
by
8.4k points

2 Answers

6 votes

Answer: 5.2%

Explanation:

User James Soubry
by
7.6k points
3 votes
If the payments remain the same, a lower interest rate here would result in faster repayment of the loan. More $ goes towards paying off principal and less to paying interest.

User Paul Brit
by
7.7k points
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