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

question 109

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
• E)5 years

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Complete Certainty

A condition or situation where all relevant information is known and the outcome is guaranteed.

Classical Decision Theory

A theory that focuses on logic and rationality in decision-making processes, often ignoring the influence of emotions and social factors.

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