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Your Cred-O-Meter:
Credit: Calculating Monthly Payments

It's time once again to build your credit cred, but first a little explanation.  You will be given three loan scenarios.  Given what you have learned about interest rates, your task is estimate how many months it would take to pay off each loan.

Here's an example scenario:

Loan amount: $9,000
APR: 12%
Monthly payment: $250
45 The actual number of monthly payments would be 45. You would pay a total of $11,213.

 

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