You have agreed to a $50,000 fixed-rate loan from People's Bank today and promise to repay the loan with 48 equal monthly payments at an APR of 5.50%.How large are your monthly payments? Use a financial calculator to determine your answer.

Question

Quizplus · Accepted Answer

Using a financial calculator, the monthly payment for a $50,000 loan at 5.50% APR for 48 months is $1,162.82. This is the correct answer. The other choices are not the correct monthly payments according to calculations.

You Have Agreed to a $50,000 Fixed-Rate Loan from People's