Elmer took out an 18-month loan for $1400 at an appliance store to be paid
back with monthly payments at a 22.8% APR, compounded monthly. If the
loan offers no payments for the first 9 months, which of these groups of
values plugged into the TVM Solver of a graphing calculator will give him the
correct answer for the amount of the monthly payment over the last 9 months
of the loan?
O
A. N=0.75; 1% = 22.8; PV=-1400; PMT=; FV=0; P/Y=12; C/Y=12;
PMT:END
O
B. N=9; 1% = 22.8; PV=-1400; PMT=; FV=0; P/Y=12; C/Y=12;
PMT:END
O
C. N=0.75; 1% = 22.8; PV=-1658.42; PMT=; FV=0; P/Y=12; C/Y=12;
PMT:END
O
D. N=9; 1% = 22.8; PV=-1658.42; PMT=; FV=0; P/Y=12; C/Y=12;
PMT:END