What Would Be the Monthly Payment on an Add-On Loan

question 23

Multiple Choice

What would be the monthly payment on an add-on loan from a credit union at 8% over 48 months for the principal of $5000?

• A) $104.17
• B) $112.45
• C) $127.84
• D) $137.50

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Definitions:

Cooperate

This action involves working together with others towards a common goal or objective, typically requiring communication and coordination.

Personality Trait

Enduring characteristics or dispositions that influence an individual's behavior across different situations.

Conscientiousness

A personality trait characterized by meticulousness, responsibility, and a structured approach to tasks, often associated with high levels of success and achievement in various domains.

Agreeableness

A personality trait characterized by warmth, kindness, and a cooperative disposition, often associated with higher levels of social harmony.