# You borrow $6,730 to purchase furniture for your house. You agree to make monthly payments for 5 years to pay for the furniture.

You borrow $6,730 to purchase furniture for your house. You agree to make monthly payments for 5 years to pay for the furniture. If the interest rate is 6 percent with monthly compounding, how much are your monthly payments? Assume the first payment is made one month after purchase. A) $123.45 B) $124.93 C) $95.91 D) $130.11 E) $96.46

## Recent Comments