Use the Loan Payoff Table to Find the Monthly Payment

question 67

Multiple Choice

Use the loan payoff table to find the monthly payment and finance charge for the loan.
-Amount financed: $26,730
Number of months: 18
APR: 12%

• A)$1,655.04, $3,060.72
• B)$1,630.00, $2,610.00
• C)$125.83, $24,465.06
• D)$1,605.30, $2,165.40

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Definitions:

Post Hoc, Ergo Propter Hoc

Literally, “after this (in time), therefore because of this.” A common error made in thinking about causation: If Event A happens before Event B, it is not necessarily true that A caused B.

Fallacy

A flawed argument that uses poor reasoning or misrepresents evidence, often leading to incorrect conclusions.

Inductive Reasoning

A reasoning method that involves generalizing from a set of specific observations to reach a broader conclusion.

Rent Control Laws

Regulations that limit the amount landlords can charge for leasing property to ensure affordable housing for tenants.