Question

A loan has an APR of 8%. The maximum that Steve can pay back monthly on a loan is $129.60. He wants the loan for 1 year. ​

Answer 1

$1,679.62

Explanation:

129.60*12=$1,555.20

You then do 1,555.2*.08, and get:124.416

You then add the 2 together to find the amount needed to be paid back.