Solve the Problem $$n = - \frac { \log \left( 1 - \frac { A r } { 12 P } \right) } { \log \left( 1 + \frac { r } { 12 } \right) }$$

Multiple Choice

Solve the problem.
-The number n of monthly payments of P dollars each required to pay off a loan of A dollars in its entirety at interest rate r is given by $$n = - \frac { \log \left( 1 - \frac { A r } { 12 P } \right) } { \log \left( 1 + \frac { r } { 12 } \right) }$$ A college student wants to buy a car and realizes that he can only afford payments of $180 per month. If he
Borrows $5,000 at 6% interest and pays it off, how many months will it take him to retire the loan?
Round to the nearest month.

A) 30 months
B) 28 months
C) 29 months
D) 31 months