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

question 47

Multiple Choice

What would be the monthly payment on an add-on loan from a credit union at 6% over 36 months for the principal of $3000?

• A) $83.33
• B) $88.33
• C) $98.33
• D) $103.33

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Definitions:

Significant Number

A numerical value or quantity deemed to be notably more meaningful or important than others in a given context or analysis.

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The process of becoming physically or psychologically dependent on a substance or behavior, leading to compulsive engagement despite harmful consequences.

Methaqualone

A sedative and hypnotic medication popular in the past, now banned in many countries due to high potential for abuse.