Question 9 (7 points) adam borrows $6000 for two years at an 8% annual interest rate, what is his monthly payment? a. $250 d. $522 b. $271 c.$290 e. none of these

B. $271

Step-by-step explanation:

Given,

Present value of the loan, PV = $ 6000,

Annual rate of interest = 8 % = 0.08,

So, the monthly rate of interest, r = ,

Also, time = 2 years,

So, the total number of months, n = 24,

Hence, the monthly payment would be,

Option B is correct.

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