Suppose that, in the problem above, $1,250 was the maximum monthly payment that Tom could afford....

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Suppose that, in the problem above, $1,250 was the maximum monthly payment that Tom could afford. What interest rate (to the nearest tenth of a percent) must Tom obtain to keep his payments at $1,250 per month? Assume that he wishes to keep the loan amount and term the same. (enter as a % with no % sign) Type your numeric answer and submit Suppose that, in the problem above, $1,250 was the maximum monthly payment that Tom could afford. What interest rate (to the nearest tenth of a percent) must Tom obtain to keep his payments at $1,250 per month? Assume that he wishes to keep the loan amount and term the same. (enter as a % with no % sign) Type your numeric answer and submit

Answer rating: 100% (QA)

To calculate the interest rate Tom must obtain to keep his payments at 1250 per month we ca... View the full answer