Question

Question's attached below.
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Answer 1

$14087.49

Explanation:

APR=8%,

monthly interest rate (r)=8%/12=0.08/12

Monthly payment, A=$250

After 4 years, n=4*12 = 48 months,

the balance P is therefore

P= A((1+r)^n-1)/i

=250((1+0.08/12)^48-1)/(0.08/12)

=14087.49