Use the loan payoff table to find the monthly payment and finance charge for the loan.
-Amount financed: $60,642
Number of months: 48
APR: 8%

Question

Use the loan payoff table to find the monthly payment and finance charge for the loan. 
-Amount financed: $60,642
Number of months: 48
APR: 8%

Quizplus · Accepted Answer

According to the loan payoff table, the monthly payment for a $60,642 loan over 48 months at an APR of 8% is $1,480.27 and the finance charge is $10,410.96. Therefore, option B is the correct answer. Option A, C, and D have incorrect values for the monthly payment and/or finance charge. The monthly payment and finance charge can be found by locating the intersection of the row for 48 months and the column for 8% APR in the loan payoff table. This intersection shows a monthly payment of $1,480.27 and a finance charge of $10,410.96.

Use the Loan Payoff Table to Find the Monthly Payment