Question 6 • Personal Finance - EL3403
Use the monthly interest rate, 17% ÷ 12, and the loan-payment formula. Paying $9,450 off in 36 months requires a monthly payment of about $336.92; paying it off in 9 months requires about $1,125.77. The extra amount needed each month is $1,125.77 − $336.92 = $788.85, so the additional monthly income is $788.85 (choice c).
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