Casey borrows $8,000 to buy a car. The annual interest rate of the car loan is 7.75%. It is a 48-month loan. The bank tells him that his monthly payment (at the end of each month) is $_________. He wants to pay off the loan quicker, so he decides to make a payment of $250 each month (starting at the end of the first month). How long will it take Casey to pay off the loan (in months)

answers are:

<187.95>; about 29 months

<212.44>; about 42 months

<194.37>; about 36 months

<187.95>; about 48 months