uses a usiness pen a secol nis counseling practice. He willrepay thle loan in 4 years at a fixed annual interest rate of 5.7%. What is Rahul's monthly loan payment? $433.60 $350.22 $321.68 $798.59

Elementary Algebra
17th Edition
ISBN:9780998625713
Author:Lynn Marecek, MaryAnne Anthony-Smith
Publisher:Lynn Marecek, MaryAnne Anthony-Smith
Chapter3: Math Models
Section3.2: Solve Percent Applications
Problem 3.43TI: Sean’s new car loan statement said he would pay $4,866.25 in interest from an interest rate of 8.5%...
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Rahul uses a $15,000 small-business loan to open a second location for his counseling practice. He will repay the loan in 4
years at a fixed annual interest rate of 5.7%.
What is Rahul's monthly loan payment?
$433.60
$350.22
$321.68
$798.59
Transcribed Image Text:Rahul uses a $15,000 small-business loan to open a second location for his counseling practice. He will repay the loan in 4 years at a fixed annual interest rate of 5.7%. What is Rahul's monthly loan payment? $433.60 $350.22 $321.68 $798.59
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