Mantago Wants to Borrow $10,000 to Buy a Used Car

question 32

Multiple Choice

Mantago wants to borrow $10,000 to buy a used car.He examined his budget and decided that he can afford a payment of $200 a month.If his bank offers him an APR of 7.5%,how long should he borrow the money so he can afford his monthly payment?

• A) 3.5 years
• B) 4 years
• C) 4.5 years
• D) 5 years