Mathematics, 12.03.2020 06:59, trintrin227

Larry is considering taking out a loan. He estimates that he can afford monthly payments of $265 for 10 years in order to support his loan. He finds that, with an APR of 5.5% compounded monthly, he can take a loan of $24,418.05.

Assuming that Larry's monthly payment and the length of the loan remain fixed, which of these statements is true about the size of the loan Larry could take if he received a different APR?

A. If the interest rate were 6.6%, the amount of the loan that Larry is considering taking out would be more than $24,418.05.
B. If the interest rate were 6.2%, the amount of the loan that Larry is considering taking out would be more than $24,418.05.
C. If the interest rate were 5.2%, the amount of the loan that Larry is considering taking out would be less than $24,418.05.
D. If the interest rate were 5.8%, the amount of the loan that Larry is considering taking out would be less than $24,418.05.

Answers: 3

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