Solve the Problem

question 158

Multiple Choice

Solve the problem. Use an annual percentage rate table if necessary.
-Jennifer has a 60-month fixed installment loan, with a monthly payment of $182.49. The amount She borrowed was $9000. Instead of making her 30th payment, Jennifer is paying the remaining Balance on the loan. What is the total amount due to pay off the balance (use the actuarial Method) ?

• A) $5052.72
• B) $4986.89
• C) $5110.95
• D) $5293.44

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Definitions:

Product Line

A group of related products under a single brand sold by the same company, catering to a particular segment of the market.

Distribution Strategy

Deals with the marketing activities and institutions involved in getting the right good or service to the company’s customers.

Specialty Products

High-value goods or services that are distinctive in some way and are often sought after by consumers willing to make an extra effort to obtain them.

Convenience Products

Goods or services that are easy to obtain and meet the immediate needs of consumers.