Jack is buying a new refrigerator for $1,800. The distributor is charging him an annual interest rate of 10.1% and is using the add-on method to compute monthly payments. If he pays off the loan in 36 months, what are his monthly payments? If he makes a down payment of $210, how much will his monthly payments be? Do not round until the final answer. Then, round to the nearest cent.

Question

anonymous · Answer

A
$130.30; $7.60B

B
$125.15; $7.60

C
$130.30; $57.55

D
$65.15; $57.55

anonymous · Answer

D