Solve the Problem

question 32

Multiple Choice

Solve the problem. Use an annual percentage rate table if necessary.
-Reggie King took out a 36-month fixed installment loan of $17,000 to open a sporting goods store. He began making monthly payments of $536.63. Reggieʹs business does better than expected and Instead of making his 30th payment, Reggie decides to repay his loan in full. What is the total Amount due to pay off the balance (use the actuarial method) ?

• A) $3678.20
• B) $3139.63
• C) $3701.43
• D) $4214.84

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Definitions:

SWOT Analysis

A strategic planning tool used to identify and assess an organization's Strengths, Weaknesses, Opportunities, and Threats.

Strategic Role

The function and importance of a particular activity or entity within the broader context of achieving long-term objectives.

Product Portfolio

The collection of all products or services offered by a company, considered especially in terms of their relative competitive positions and market appeal.

New-product Protocol

A guideline or plan that outlines the process of developing and launching a new product, including stages from initial idea generation to market launch.