Question: Which statement correctly applies to this monthly loan payment calculation? PMT 360 = $145,000 {0.005/[1 - 1/(1 + 0.005) 360 ]} = $869.35 Multiple choice

Which statement correctly applies to this monthly loan payment calculation?

PMT360 = $145,000 {0.005/[1 - 1/(1 + 0.005)360]} = $869.35

Multiple choice question.

This is a 36-year loan.

The annual interest rate is 0.5 percent.

The APR is 6 percent.

The amount borrowed equals 360 $869.35.

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