Solve the Problem $$n = - \frac { \log \left( 1 - \frac { A r } { 12 P } \right) } { \log \left( 1 + \frac { r } { 12 } \right) }$$

question 46

Multiple Choice

Solve the problem.
-The number n of monthly payments of P dollars each required to pay off a loan of A dollars in its entirety at interest rate r is given by $$n = - \frac { \log \left( 1 - \frac { A r } { 12 P } \right) } { \log \left( 1 + \frac { r } { 12 } \right) }$$ A college student wants to buy a car and realizes that he can only afford payments of $180 per month. If he
Borrows $5,000 at 6% interest and pays it off, how many months will it take him to retire the loan?
Round to the nearest month.

• A) 30 months
• B) 28 months
• C) 29 months
• D) 31 months

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