Question

What is the monthly payment on $13,300 financed at 7.9 percent for 4 years if the monthly payment per $100 is $2.74?

A. $133

B. $364.42

C. 328.51

D. $284.44

Answer 1

First, you take 13,300 and divides it by 100, which will gives you 133, then take 2.74 and multiply it by 133, and the answer is B, which is 364,42

Answer 2

The monthly payment is $364.42

B is correct

Explanation:

The monthly payment on $13,300 financed at 7.9 percent for 4 years.

If the monthly payment per $100 is $2.74

Financed amount = $13,300

We are given monthly payment for $100 is $2.74

It means we pay $2.74 for $100.

Now we find how many number of $100 in $13,300

Number of $100 in $13,300
`=(13300)/(100) = 133`

133 number of hundred in $13,300

For each $100 monthly payment = $2.74

For 133 payment = 133 x 2.74

Monthly Payment for $13,300 finance = $364.42

Hence, The monthly payment is $364.42