Joseph Buys a Hummer for $59,000, Financing It with a Five-Year

question 16

Multiple Choice

Joseph buys a Hummer for $59,000, financing it with a five-year 7.60% 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) 59.57 months
• B) 57.07 months
• C) 54.57 months
• D) 60.57 months

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Definitions:

Kolb's Models

Theoretical frameworks by David Kolb that describe the experiential learning cycle, involving concrete experience, reflective observation, abstract conceptualization, and active experimentation.

Fleming's Models

Educational models describing different learning styles, typically including visual, auditory, reading/writing-preference, and kinesthetic modalities.

Learning Styles

Refers to the theory that individuals have preferential ways of absorbing, processing, and retaining information, including visual, auditory, reading/writing, and kinesthetic modes.

Personality

The combination of characteristics or qualities that form an individual's distinctive character, influencing behavior, preferences, and interactions with others.