Elmer took out an 18-month loan for $1400 at an appliance store to be paid back with monthly payments at a 22.8% apr

answer:

choice c is correct

step-by-step explanation:

since 22.8% is the annual percentage rate of charge then the number of repayments should be stated in terms of years. in this case, the number of repayments is 9 months which is equivalent to;

9/12 = 0.75.

the loan repayments are deferred for the first 9 months implying that there will be no payments made during this period but the loan will be earning interest so that the present value in the tvm solver will be greater than 1400.

the distance between point a and point b is 6 units