Question 9 • [PERFIN] Personal Finance, Sem 2 (26-27)
First add the four balances: $4,380 + $1,365 + $2,480 + $5,000 = $13,225. For a 36-month loan at 16% APR, use a monthly rate of 0.16 ÷ 12 and the fixed-payment formula: payment = balance × rate ÷ [1 − (1 + rate)^−36]. This gives a monthly payment of about $464.95, so the correct choice is $464.95.
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