Choose the best answer to the following question. Explain your reasoning with one or more complete sentences. If you mak
Posted: Mon Jul 11, 2022 12:50 pm
Choose the best answer to the following question. Explain yourreasoning with one or more complete sentences.
If you make monthly payments of $1000 on a 10-yearloan, what will your total payments over the life of the loanamount to?
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Part 1
Choose the correct answer below.
A.
The total payments over the life of the loan amountto $10,000. The borrower paid $1000 each year for 10years.
B.
The total payments over the life of the loan amountto $100,000. Multiply $1000 by 100 because there were100 payment periods during the life of the loan.
C.
The total payments over the life of the loan amountto $10,000. Multiply $1000 by 10 years to find thetotal amount.
D.
The total payments over the life of the loan amountto $120,000. Multiply $1000 per month by 12 months peryear by 10 years to find the total amount.
E.
The total payments over the life of the loan amountto $100,000. The borrower paid $1000 for 10 years.
F.
The total payments over the life of the loan amountto $120,000. The borrower paid $1000 twenty-four timesper year for 10 years.
If you make monthly payments of $1000 on a 10-yearloan, what will your total payments over the life of the loanamount to?
Question content area bottom
Part 1
Choose the correct answer below.
A.
The total payments over the life of the loan amountto $10,000. The borrower paid $1000 each year for 10years.
B.
The total payments over the life of the loan amountto $100,000. Multiply $1000 by 100 because there were100 payment periods during the life of the loan.
C.
The total payments over the life of the loan amountto $10,000. Multiply $1000 by 10 years to find thetotal amount.
D.
The total payments over the life of the loan amountto $120,000. Multiply $1000 per month by 12 months peryear by 10 years to find the total amount.
E.
The total payments over the life of the loan amountto $100,000. The borrower paid $1000 for 10 years.
F.
The total payments over the life of the loan amountto $120,000. The borrower paid $1000 twenty-four timesper year for 10 years.