Jamie Owes $21,750 at a 5% Rate of Interest

question 45

Multiple Choice

Jamie owes $21,750 at a 5% rate of interest. The minimum amount that she must pay monthly is $230.69. How much faster can she pay off this loan if she makes monthly payments of $300.00?

• A) 1.68 years sooner
• B) 2.54 years sooner
• C) 2.79 years sooner
• D) 2.93 years sooner
• E) 3.01 years sooner

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Definitions:

Peripheral Nervous System

Part of the nervous system outside the brain and spinal cord, responsible for connecting the central nervous system to the rest of the body.

Central Nervous System

The part of the nervous system consisting of the brain and spinal cord, responsible for processing information and coordinating bodily functions.

Somatic Nervous System

A part of the peripheral nervous system associated with the voluntary control of body movements via skeletal muscles.

Autonomic Nervous System

A part of the peripheral nervous system that controls involuntary bodily functions such as heartbeat, digestion, and breathing.