Joseph Buys a Jeep for $60,000, Financing It with a Five-Year

question 4

Multiple Choice

Joseph buys a Jeep for $60,000, financing it with a five-year 6.5% APR loan paid monthly. He decides to pay an extra $50 per month in addition to his monthly payments. Approximately how long will he take to pay off the loan under these conditions?

• A) 4 years 4 months
• B) 4 years 9 months
• C) 4 years 6 months
• D) 4 years 10 months

---

Definitions:

Telephone Consumer Protection Act

A law enacted in 1991 in the United States that restricts telemarketing and the use of automated telephone equipment.

Telephone Solicitation

The practice of contacting individuals by phone to promote services or products, often unsolicited.

Limited Check

A check that is void after a certain time limit; commonly used for payroll.

Time Limit

Time Limit refers to a fixed or set duration within which an action, process, or procedure is to be completed or accomplished.