3
QuizMultiple Choice

Borrowing Money

Question 3 • 2025-2026 GSP Mathematical Reasoning for Decision Making

Brian took eight years to pay off his $71,900 loan. The loan had an interest rate of 8.16%, compounded quarterly. If Brian paid quarterly and made the same payment every time, how much was each payment that he made?a.$2,342.66b.$3,081.54c.$1,022.28d.$1,466.76

Answer
A
A
B
B
C
C
D
D
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Brian took eight years to pay off his $71,900…