Hailey is considering taking out an 8-year loan with monthly payments of $115 at an apr of 3.2%, compounded monthly, and this equates to a loan of $9728.75. assuming that hailey's monthly payment and the apr of the loan remain fixed, which of these is a correct statement? a. if it were a 6-year loan, the amount of the loan that hailey is considering taking out would be more than $9728.75. b. if it were a 14-year loan, the amount of the loan that hailey is considering taking out would be less than $9728.75. c. if it were a 12-year loan, the amount of the loan that hailey is considering taking out would be less than $9728.75. d. if it were a 10-year loan, the amount of the loan that hailey is considering taking out would be more than $9728.75.

Solution:

Let initial amount of loan = $ x

Total amount that Hailey,is thinking about taking as loan= $ 9728.75

Number of months in 8 years = 12 × 8 =96 months

So, If  monthly payment= $ 115

Total money paid after 96 months = 115 × 96=$ 11040

Monthly amount if  APR= 3.2 % monthly of amount x=

Total money paid after 6 years= 72 months = 115 × 72=$ 8280

Total money paid after 10 years= 120 months = 115 × 120=$ 13,800

Option (D) : →→If it were a 10-year loan, the amount of the loan that Hailey is considering taking out would be more than $9728.75 is true.

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step-by-step explanation

2r= 2300

r =1150

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