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.

Question

asked Jan 11, 2023 66.6k views

1 Answer

Amirreza Noori · Answer 1 · 2023-01-15T09:56:31+0000

Answer:

$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.