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Inga's Payment Plan for the First 3 YearsYearBalanceMonthly Payment$19,691.28$273.492 $16,409.40$273.49$13,127.52$273.49How many more years will it take Inga to pay off the loan?2 years3 years4 years6 yearsEnd of YearBalance$16,409.40$13,127.52$9,845.64

Inga s Payment Plan for the First 3 YearsYearBalanceMonthly Payment 19,691.28 273.492 16,409.40 273.49 13,127.52 273.49How many more years will it take Inga to class=

Verified Answer :

Answer:

3 years

Step-by-step explanation:

First year balance = $19,691.28

Monthly payment = $273.49

Annual payment = 273.49×12 = $3281.88

Remaining balance after 1 year = 19,691.28-3281.88

                                                    = $16,409,4

Continuing in this way,

After 3 years balance = $9845.64

Remaining balance after payment (4 years) = 9845.64-3281.88

                                                        = $6563.76

Remaining balance after payment (5 years)  = 6563.76-3281.99

                                                                         = 3281.88

Remaining balance after payment (6 years) =3281.88-3281.88

                                                                        = 0

Hence, Inga needs 3 more years to pay off the whole amount.

Answer:

B. 3 Years

Step-by-step explanation:

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