You $$are $$evaluating $$different $$ways $$to $$obtain $$capital$,$and $$you $$have $$received $$an $$offer $$from $$Major $$Loans $$Company$.$The $$company $$is $$offering $$to $$loan

you $$$$4750$

$$with $$low $$payments $$of $$$$100$

$$per $$month$.$If $$the $$interest $$rate $$on $$the $$loan $$is $$an $$APR $$of $$

$15\mathrm{.}5$

$$percent $$compounded $$monthly$,$how $$long $$will $$it $$take $$for

you $$to $$pay $$off $$the $$loan$?$

Multiple $$Choice

$69\mathrm{.}14$

$$months

$74\mathrm{.}08$

$$months

$14\mathrm{.}74$

$$months

$47\mathrm{.}50$

$$months

$79\mathrm{.}78$

$$months