Question 6 • Personal Finance
Jorge owes $15,469.80 and pays $257.83 each month. In one year, he pays $257.83 × 12 = $3,093.96. After five years, he will have paid $3,093.96 × 5 = $15,469.80, so the loan will take 5 years to pay off. The correct choice is 5 years.
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