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? $15,469.80 $257.83
Answer
Explanation:
Step1: Identify total loan amount and monthly payment
The initial loan balance is $15469.80 and the monthly payment is $257.83.
Step2: Calculate number of months
Divide the total loan amount by the monthly - payment: $\frac{15469.80}{257.83}=60$ months.
Step3: Convert months to years
Since there are 12 months in a year, divide the number of months by 12. $\frac{60}{12} = 5$ years.
Answer:
5 years