Jeff just financed a used car through his credit union. His loan requires payments of $$275$ a month for five years. Assuming that all payments are paid on time, his last payment will pay off the loan in full. What type of loan does Bill have?

Question $8$ options:

$1)$

Interest$-$only

$2)$

Pure discount

$3)$

Complex

$4)$

Lump sum

$5)$

Amortized