Register
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
124k views
2 votes
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
8.7k points

2 Answers

6 votes

Answer: 5.2%

Explanation:

User James Soubry
by
7.8k 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
7.9k points
Ask a Question
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

9.1m questions

11.8m answers

Other Questions

What is .725 as a fraction
How do you estimate of 4 5/8 X 1/3
i have a field 60m long and 110 wide going to be paved i ordered 660000000cm cubed of cement  how thick must the cement be to cover field
Write words to match the expression. 24- ( 6+3)
A dealer sells a certain type of chair and a table for $40. He also sells the same sort of table and a desk for $83 or a chair and a desk for $77. Find the price of a chair, table, and of a desk.
Link Copied!