the table shows a schedule of jorges payment plan for a car. how many years will it take jorge to pay off…
the table shows a schedule of jorges payment plan for a car. how many years will it take jorge to pay off the loan? 3 years 4 years
Answer
Explanation:
Step1: Calculate total annual payment
The monthly payment is $257.83. So the annual payment is $257.83×12 = $3093.96.
Step2: Determine number of years to pay - off
The initial balance is $15469.80. Divide the initial balance by the annual payment: $\frac{15469.80}{3093.96}=5$.
Answer:
5 years