Use the Loan Payoff Table to Find the Monthly Payment

question 4

Multiple Choice

Use the loan payoff table to find the monthly payment and finance charge for the loan.
-Amount financed: $60,642
Number of months: 48
APR: 8%

• A)$1,509.38, $11,808.24
• B)$1,480.27, $10,410.96
• C)$1,340.79, $3,715.92
• D)$1,660.38, $19,056.24

---

Definitions:

Equity Method

An accounting technique used by a company to record its investment in another company when it has significant influence but does not have full control over that company.

Fair Value

An estimate of the price at which an asset or liability could be traded in an orderly transaction between market participants at the measurement date.