You just bought a car and took out a loan for $30,000 and are scheduled to make monthly payments at an annual rate of 3.9% APR. Suppose you plan to make a payment of $600 each month. How long will it take you to pay off your loan of $30,000? It will take just over 54 months. It will take just over 30 months. It will take just over 38 months. It will take just over 45 months.
You just bought a car and took out a loan for $30,000 and are scheduled to make monthly payments at an annual rate of 3.9% APR. Suppose you plan to make a payment of $600 each month. How long will it take you to pay off your loan of $30,000? It will take just over 54 months. It will take just over 30 months. It will take just over 38 months. It will take just over 45 months.
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Transcribed Image Text:You just bought a car and took out a loan for $30,000 and are scheduled to make
monthly payments at an annual rate of 3.9% APR. Suppose you plan to make a
payment of $600 each month. How long will it take you to pay off your loan of
$30,000?
It will take just over 54 months.
It will take just over 30 months.
It will take just over 38 months.
It will take just over 45 months.
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