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The table shows a schedule of Jorge’s payment plan for a car. Jorge’s Payment Plan Year Balance Monthly Payment End of Year Balance 1 $15,469.80 $257.83 2 $257.83 3 $257.83 4 $257.83 5 $257.83 6 $257.83 How many years will it take Jorge to pay off the loan? 3 years 4 years 5 years 6 years

the correct answer is 5 years.
257.83x12 is 3,093.97

3,093.97x5= 1549.80

Answer :

the correct awnser is 5 years or C

The number of years it takes by the Jorge to pay off the loan amount which he has taken for his car is 5 years.

What is monthly payment?

Monthly payment is the payment which has to paid against the loan amount or the borrowed money calculated with interest rate.

The monthly payment is the amount which is required to pay each month to pay off the borrowed principal amount.

The table shows a schedule of Jorge’s payment plan for a car.

  • Plan year     Monthly Payment    Ending Balance                
  •       1                     $15,469.80             $257.83
  •       2                    $257.83
  •       3                     $257.83
  •       4                     $257.83
  •       5                     $257.83
  •       6                     $257.83

The monthly payment of Jorge’s car is $257.83. The number of monthly payment paid by Jorge in a year is 12. Thus, the amount paid by him in a month is,

[tex]\rm MP=257.83\times12 \\MP=3,093.97[/tex]

Now the number of year required to pay the amount of $15,469.80 when he pays $3093.97 per year is,

[tex]n=\dfrac{15,469.80}{3093.97}\\n=5[/tex]

Thus, the number of years will it take by the Jorge to pay off the loan amount which he has taken for his car is 5 years.

Learn more about the monthly payment here;

https://brainly.com/question/2151013

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