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

Question

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

Accepted Answer

{ "quality": "clear", "question_count": 1, "skills_matched": [ "step_cot", "multiple_choice_formatter", "explain_then_answer", "tutor", "mastery_adaptive_brevity" ], "needs_drawing": false, "concepts_used": [ "Loan Amortization" ], "new_concepts": [ "Loan Term Calculation" ], "current_concepts": [ "Loan Amortization", "Loan Term Calculation" ] } ## Identify the given values Using the *Loan Amortization* knowledge point $$ \begin{aligned} &\text{Initial Balance } (P) = \$15,469.80\ &\text{Monthly Payment } (M) = \$257.83 \end{aligned} $$ ## Calculate total number of monthly payments Using the *Loan Amortization* knowledge point $$ \begin{aligned} N &= \frac{P}{M}\ N &= \frac{15,469.80}{257.83} = 60 \end{aligned} $$ ## Convert months to years Using the *Order of Operations* knowledge point $$ \begin{aligned} \text{Years} &= \frac{N}{12}\ \text{Years} &= \frac{60}{12} = 5 \end{aligned} $$

3 years

4 years

5 years

6 years

{ "subject": "Mathematics", "question_type": "Multiple Choice", "knowledge_point": [ "Mathematics", "Algebra", "Loan Amortization" ] }

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QUESTION IMAGE

Question

Explanation:

Identify the given values

Calculate total number of monthly payments

Convert months to years

Answer: