4
QuizMultiple Choice

Borrowing Money

Question 4 • 2025-2026 GSP Mathematical Reasoning for Decision Making

Niki makes the same payment every two months to pay off his $61,600 loan. The loan has an interest rate of 9.84%, compounded every two months. If Niki pays off his loan after exactly eleven years, how much interest will he have paid in total? Round all dollar values to the nearest cent.a.$39,695.48b.$10,294.26c.$3,126.29d.$39,467.12

Answer
A
A
B
B
C
C
D
D
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