Question

Rich is taking out an $8,700 3-year loan with an APR of 2.31%. List 3 variables with their corresponding values particular to this problem.

a. Loan amount = $8,700, APR = 2.31%, Time = 3 years
b. Loan amount = $2,310, APR = 8,700%, Time = 3 years
c. Loan amount = $3,100, APR = 2.31%, Time = 8,700 years
d. Loan amount = $8,700, APR = 3 years, Time = 2.31%

Answer 1

The three variables for this loan are the loan amount of $8,700, an APR of 2.31%, and a loan term of 3 years.

Step-by-step explanation:

Three variables with their corresponding values for this problem are:

1. Loan amount = $8,700
2. APR = 2.31%
3. Time = 3 years

These variables represent the specific details of the loan that Rich is taking out. The loan amount is $8,700, the APR is 2.31%, and the loan term is 3 years. These variables are used to calculate the interest and total cost of the loan.