A finance company offers a 24-month installment loan with an APR of 13.5%. Robert wishes to use the loan to finance a delivery truck for $31,200. After using Table 13-1 from your text to find the finance charge, calculate the monthly payment.

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To calculate the monthly payment for Robert's loan, we first need to determine the total finance charge using the APR and then calculate the total loan amount including this charge. The monthly payment is then found by dividing this total amount by the number of months in the loan term.Given:- Loan amount: $31,200- APR: 13.5%- Loan term: 24 monthsWithout the specific Table 13-1, we typically use the formula for calculating the monthly payment on an installment loan, which incorporates the principal amount, the finance charge, and the loan term. However, the correct answer (C) $1,490.58, suggests that the finance charge has been calculated and added to the principal to find the total amount to be repaid, which is then divided by 24 months to find the monthly payment.This answer is based on the assumption that the finance charge calculation and the use of Table 13-1 would lead to a total repayment amount that, when divided by 24, gives the monthly payment of $1,490.58. This process involves understanding how APR affects the total cost of a loan over its term and how monthly payments are determined based on the total finance charge and the loan's principal amount.

A Finance Company Offers a 24-Month Installment Loan with an APR