Question 18 • Personal Finance
After the last row shown, the balance is $515.70 plus $6.19 interest, or $521.89. Each $100 payment reduces the balance, and then 1.2% interest is added to what remains. After five more payments, the balance is still about $35.72, so he needs one final payment to clear it. That makes 6 more payments total, so the correct choice is 6 payments.
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