You decided to take advantage of the Black Friday deals and buy kitchen cabinets at Home Depot. You will be paying for the cabinets with a Home Depot consumer loan in the amount $6,330. To pay off the loan you will be required to make monthly payments for 6 years. The loan interest rate is 7 percent per year. Calculate the amount of each payment.

multiple choice

• $107.92

• $70.22

• $100.01

• $71.00

• $101.73

Answer rating: 100% (QA)

Calculating the equated monthly interest is the amount which has to be pa... View the full answer