Find the Amount of Interest and the Monthly Payment for the Loan

question 208

Multiple Choice

Find the amount of interest and the monthly payment for the loan described below. Round your answer to the nearest dollar. Purchased a stereo for $2,500 at 13% add-on interest for 3 years.

• A) \(\$ 1,107\) interest; \(\$ 100\) per month
• B) \(\$ 975\) interest; \(\$ 97\) per month
• C) \(\$ 975\) interest; \(\$ 100\) per month
• D) \(\$ 975\) interest; \(\$ 290\) per month
• E) \(\$ 1,107\) interest; \(\$ 97\) per month

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Definitions:

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