Larry is considering taking out a loan He estimates that he

Last updated: 1/22/2024

Larry is considering taking out a loan He estimates that he can afford monthly payments of 265 for 10 years in order to support his loan He finds that with an APR of 5 5 compounded monthly he can take a loan of 24 418 05 Assuming that Larry s monthly payment and the length of the loan remain fixed which of these statements is true about the size of the loan Larry could take if he received a different APR A If the interest rate were 6 6 the amount of the loan that Larry is considering taking out would be more than 24 418 05 B If the interest rate were 5 2 the amount of the loan that Larry is considering taking out would be less than 24 418 05