Use Estimation to Select the Best Response

question 121

Short Answer

Use estimation to select the best response. Do not calculate.
If you purchase a $4,800 item and pay for it with monthly installments for 4 years,
the monthly payment is ______________________________.
($100 per month / more than $100 per month / less than $100 per month)

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Definitions:

Loan Terms

The conditions and agreements under which a loan is provided, including the interest rate, repayment schedule, and other obligations.

Cash on Hand

Refers to the total amount of liquid assets that are accessible to a company or individual at any given time.

Partnership Ownership

A form of business organization in which two or more individuals share ownership, profits, and liabilities.

Personal Liability

The legal obligation of an individual to repay his or her debts, often extending to personal assets if necessary.