William and Mary bought a new Chevy Corvette with a sticker price of $55,000 including tax,...

William and Mary bought a new Chevy Corvette with a sticker price of $55,000 including tax, title and license. Suppose that William and Mary agree to put down 20 percent and make 60 monthly payments of $838.42. How long will it actually take to pay off the car if William and Mary make monthly payments of $1,152.08 instead of her minimum monthly payment? Assume monthly compounding.

2.50 Years

3.00 Years

3.50 Years

4.00 Years

None of the Above

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jeff jeffy answered 2 years ago

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