Solve the Problem

question 151

Multiple Choice

Solve the problem. Use an annual percentage rate table if necessary.
-Jessica used a fixed installment loan from her bank to finance her used car purchase. She borrowed $12,000 and has a 60 monthly payments of $249.10 each. Instead of making her 36th payment, Jessica decides to pay the remaining balance on the loan. What is the total amount due to pay off The balance (use the actuarial method) ?

• A) $5613.64
• B) $5676.95
• C) $5374.78
• D) $5926.05

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Definitions:

Inattentive

Describes a lack of attention or focus, often seen as a symptom in various attention disorders.

Negligent

Failing to take proper care in doing something, resulting in harm or damage to oneself or others due to carelessness.

Parenting Style

The manner in which parents raise their children, characterized by various patterns of attitudes, behaviors, and parenting practices.

Child-Raising Practices

Cultural, social, and individual approaches and methods used in nurturing and educating children.