## Related questions with answers

Question

Each loan given below will be paid off next month. Complete the table.

Monthly | Balance of Loan | Monthy Finance Charges | Final Payment Amount | ||
---|---|---|---|---|---|

Sally | $6.9 \%$ | $\$ 7,470.06$ |

Solution

VerifiedAnswered 1 year ago

Answered 1 year ago

Step 1

1 of 5From the given, we denote the following.

$\begin{aligned} \text{Anual Percentage Rate (APR)}&=6.9\%\\ \text{Loan Balance}&=\$7470.06\\ \text{Months left to pay}&=1\\ \end{aligned}$

We are tasked to solve for the monthly interest rates, monthly finance charges, and the final payment amount. To do so, we recall the concept and formula of interest.

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