What Is the Payment Size of a Loan That Has

question 26

Multiple Choice

What is the payment size of a loan that has semi-annual payments and an interest rate of 5.52% compounded monthly? The loan principal is $1641.12 and the loan is for 48 months.

• A) $321.74
• B) $231.74
• C) $123.74
• D) $274.31
• E) $221.31

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Definitions:

-mania

A suffix used to denote an obsession with or excessive enthusiasm for a particular thing or topic.

-plasm

A suffix used in biology to denote a formative or molded substance, such as cytoplasm.

Formed

The past participle of form, indicating something that has been brought into existence or given a specific shape.

Compound Suffix

A suffix consisted of more than one element, used in the creation of complex words, especially in the construction of scientific terminology.