10
QuizMultiple Choice

Personal Loans

Question 10 • 2025-2026 GSP Mathematical Reasoning for Decision Making

John is planning to take out a personal loan for $4,500 to buy a car. He would like to keep his monthly payments at or below $150.00 and pay the loan off in three years. Which of the following is the greatest interest rate John can accept and still meet his criteria?

Answer
A
10.75% compounded monthly
B
11.50% compounded monthly
C
12.25% compounded monthly
D
13.00% compounded monthly