Question
Pamela took out a loan from the bank today for X. She plans to repay this loan by making payments of $980.00 per month for
Pamela took out a loan from the bank today for X. She plans to repay this loan by making payments of $980.00 per month for a certain amount of time. If the interest rate on the loan is 0.66 percent per month, she makes her first $980.00 payment later today, and she makes her final monthly payment of $980.00 in 9 months, then what is X, the amount of the loan?
An amount less than $8,564.00 or an anmount greater than $9,547.00 | ||
An amount equal to or greater than $8,564.00 but less than $8,706.00 | ||
An amount equal to or greater than $8,706.00 but less than $9,136.00 | ||
An amount equal to or greater than $9,136.00 but less than $9,484.00 | ||
An amount equal to or greater than $9,484.00 but less than $9,547.00 |
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