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4. Claire needs to borrow $12,000 from a local bank. She compares the
monthly payments for an 8.1% loan for three different periods of time.
What is the monthly payment for a one-year loan? *
O $756.49
$1,044.42
$1,203.56
$1,167.47

Sagot :

Ajinemsidn

The monthly payment for a one-year loan = $1,081.00

Loan payment over a period of time

The higher the period of time, the lesser the monthly payment of a loan.

Claire needs to borrow $12,000 from a local bank with an interest of 8.1% which is,

8.1/100 × $12,000 =$972

This means after one year she will pay back;

$12,000 + $972 = $12,972

Therefore, monthly payment for a year loan = 12972/12

= $1,081.00

Learn more about loan here:

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