Use the below video as needed to remind yourself how to calculate monthly loan charges as needed:
Question 1
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Question 2
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Question 3
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Question 4
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Question 5
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Question 6
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Question 7
7.
Question 8
8.
Describe in words how you got your last answer
Question 9
9.
Spongebob needs to borrow $7000 for a boat loan. His fair credit score of 650 snags him a loan at 9.75%, to be paid back over 36 months. What will his monthly payment be?
What value will be used for p?
7000
9.75
0.0975
3
Spongebob needs to borrow $7000 for a boat. His fair credit score of 650 snags him a loan at 9.75%, to be paid back over 36 months. What will his monthly payment be?
What value will be used for r?
7000
9.75
0.0975
3
Spongebob needs to borrow $7000 for a boat loan. His fair credit score of 650 snags him a loan at 9.75%, to be paid back over 36 months. What will his monthly payment be?
What value will be used for t?
7000
9.75
3
36
Spongebob needs to borrow $7000 for a boat loan. His fair credit score of 650 snags him a loan at 9.75%, to be paid back over 36 months. What will his monthly payment be?
204.76
225.05
3004.72
101.98
How much did Spongebob ultimetly pay for the boat?
about $7000
about $1101
about $8101
about $225
Sandy also needs to borrow $7000 for a boat loan. Her excellent credit score of 802 snags her a loan at 3.75%, to be paid back over 36 months. What will her monthly payment be?
$225.89
$200.14
$205.89
$212.89
How much money will Sandy pay for her boat?
$7000.82
$7824.65
$7412.05
$7122.05
How much did Sandy save by having a great credit score?