How much will her monthly payments be

Reference no: EM13288574

Emily is buying a new refrigerator for $1,400. The distributor is charging her an annual interest rate of 10.7% and is using the add-on method to compute monthly payments. If she pays off the loan in 36 months, what are her monthly payments? If she makes a down payment of $220, how much will her monthly payments be? Do not round until the final answer. Then, round to the nearest cent.

A: $102.74; $8.07
B: $102.74; $43.30
C: $51.37; $43.30
D: $111.37; $8.07

Reference no: EM13288574

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