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

---

Definitions:

Social Science Research

The study of society and social relationships through various methods to understand human behavior and social structures.

Large Samples

An approach in research that involves collecting data from a large number of participants or instances, enhancing the statistical reliability of results.

Statistically Significant

Indicating that the probability of an observed difference or relationship occurring by chance is low, typically below a predefined threshold of significance.

Random Chance

The occurrence of events without any predictable order or pattern, often used to describe outcomes in statistical events or experiments.