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Dillon took out a 2-year loan for $2375 at a sports-equipment store to be paid back with monthly payments at a 6.6% APR, compounded monthly. If the loan offers no payments for the first 5 months, how much will Dillon owe when he begins making payments?
A. $2709.15
B. $2441.03
C. $2375.00
D. $2536.58

Respuesta :

mathmate
APR=6.6% compounded monthly.
After 5 months without payment,
he owes
F=P(1+i/12)^n          [compound interest formula]
=2375(1+0.066/12)^5
=2441.03

Answer:

B. 2441.03

Step-by-step explanation:

A P E X

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