Sandy Takes Out a Loan of $22,000 at J₁₂ =

question 42

Multiple Choice

Sandy takes out a loan of $22,000 at j₁₂ = 9%,repaid over 5 years with monthly payments.After 24 payments,the outstanding balance on the loan is $14,361.35.Just after the 24^th payment,Sandy makes a lump sum payment of $3000 and refinances the loan with monthly payments for two more years at the same interest rate.What is the new monthly payment?

• A)$361.29
• B)$473.39
• C)$519.04
• D)$656.09

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