Question: How much would your monthly payment be on a 4-year loan if the following assumptions were true? You borrowed $4,900. The fixed APR on the

How much would your monthly payment be on a 4-year loan if the following assumptions were true?

  • You borrowed $4,900.
  • The fixed APR on the loan is 5.7%.Note: A fixed APR is an annual interest rate that does not change during the 4-year period.
  • You will make equal monthly payments to repay both the loan amount and the monthly interest charges.
  • You want to completely pay off the loan in exactly 4 years.

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