Antonio is buying a set of original 1978 Kenner Star Wars action figures, in mint condition and in the original sealed containers, for the fair sum of \( \$ 11,500 \). He takes out a simple interest loan at \( 9 \% \) for 4 years. He puts no money down. What will be his monthly payment if he plans on paying it off in 4 years? Round your answer to the nearest cent. \$ \( \$ 108.33 \) \( \$ 117.00 \) \( \$ 325.83 \)

To determine Antonio's monthly payment, we first need to calculate the total amount he will repay on his loan using the simple interest formula: \( A = P(1 + rt) \), where \( P \) is the principal loan amount, \( r \) is the interest rate, and \( t \) is the time in years. Here, the principal \( P \) is \( 11,500 \), the rate \( r \) is \( 0.09 \), and the time \( t \) is \( 4 \) years. Plugging in the numbers: \( A = 11,500(1 + 0.09 \times 4) = 11,500(1 + 0.36) = 11,500 \times 1.36 = 15,644 \). Now, to find the monthly payment, we divide the total repayment amount by the total number of months (4 years × 12 months = 48 months): \( \text{Monthly Payment} = \frac{15,644}{48} \approx 326.76 \). Rounded to the nearest cent, Antonio's monthly payment will be approximately \( \$326.76 \). --- Did you know that the original Kenner Star Wars action figures have become a goldmine for collectors? In fact, some rare figures, like the mail-away Rocket Firing Boba Fett, can fetch thousands of dollars at auction. With their nostalgic value and limited availability, these action figures are not just toys, but valuable pieces of pop culture history that can appreciate over time! If you’re thinking about taking a loan for collectibles, be wary of simple mistakes like underestimating the total interest you'll pay or overlooking loan details like fees and terms. Always compare offers from different lenders and calculate the true cost of borrowing to ensure you can comfortably manage those monthly payments—no one wants to feel the pinch while enjoying their favorite childhood memories!