Joseph Buys a Hummer for $60,000,financing It with a Five-Year

question 32

Multiple Choice

Joseph buys a Hummer 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 10 months
• B)4 years 9 months
• C)4 years 6 months
• D)4 years 4 months

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Definitions:

Q Sort

A method used in psychology to assess an individual's personality traits, attitudes, or beliefs through the sorting of a set of statements.

Cognitive Complexity

A psychological concept referring to the level of detail, structure, and sophistication within an individual's cognitive processes.

Cognitive Simplicity

The preference or tendency of individuals to think in straightforward, uncomplicated terms, and to prefer simple solutions over complex ones.

Dominant Partner

In a relationship, the person who tends to take the lead, make decisions, and influence or control the dynamics between the partners.