jorges payment plan\nyear\tbalance\tmonthly payment\tend of year balance\n1\t$15,469.80\t$257.83\n2\t\t$257.8…

jorges payment plan\nyear\tbalance\tmonthly payment\tend of year balance\n1\t$15,469.80\t$257.83\n2\t\t$257.83\n3\t\t$257.83\n4\t\t$257.83\n5\t\t$257.83\n6\t\t$257.83\nhow many years will it take jorge to pay off the loan?\no 3 years\no 4 years\no 5 years\no 6 years

jorges payment plan\nyear\tbalance\tmonthly payment\tend of year balance\n1\t$15,469.80\t$257.83\n2\t\t$257.83\n3\t\t$257.83\n4\t\t$257.83\n5\t\t$257.83\n6\t\t$257.83\nhow many years will it take jorge to pay off the loan?\no 3 years\no 4 years\no 5 years\no 6 years

Answer

Explanation:

Step1: Analyze the table

The table shows the payment plan over 6 years with a monthly payment amount. But we need to find when the balance will reach 0. Since no information about how the balance changes with the payment is given other than the monthly payment amount, and assuming the balance reduces with each payment and we are only looking at the number of years in the plan shown, we note the number of years listed.

Step2: Determine the answer

The table has years from 1 - 6 listed. Without further information on the balance - reduction calculation, we assume the loan is paid off within the time - frame shown in the table.

Answer:

6 years