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 $6,630. To pay off the loan you will be required to make monthly payments for 7 years. The loan interest rate is 8 percent per year. Calculate the amount of each payment.

multiple choice which is correct?

• $94.14

• $103.34

• $59.14

• $96.14

• $58.09