Question

Question's attached below.

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Answer 1

$ 4564.32

Explanation:

APR=2%, monthly interest rate, i=2%/12=0.02/12

Monthly payment, A=250

After 18 monnth, n=18 months,

the balance. Pis therefore

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

=250((1+0.02/12)^18-1)/(0.02/12)

=$ 4564.32