Rick has taken a loan of $3,200 from the bank to buy new appliances. his first loan payment is due at the end of this month. he
has 24 months to pay off his loan, starting this month. the loan will be compounded monthly at a fixed annual rate of 4,8%.
use the formula for the sum of a finite geometric sequence to determine rick's approximate monthly payment.

207/8 is the right

5 + 8 +7 + 4 + 0 +1 = 25

step-by-step explanation:

explanation:

the loan estimate encourages consumers to shop. since it is the lenders who are required to issue a standardized loan estimate in a specific time frame, this way consumers are provided an opportunity to compare lenders and their products. otherwise consumer wouldn't know the benefits offered by other lenders.  

if a loan originator does not provide a loan estimate within 3 business days of receiving a completed loan application, that lender is in violation. lenders are required to issue a loan estimate within 3 days of applying for a loan or within 7 days prior to closing. having a loan estimate has following information.

not having loan estimate won't give you an idea of money to be borrowed.

you get to know your interest rates.

you also get to know if your interest rate can or may vary.

not having a good faith estimate can keep you unaware of aforementioned points.