Joseph Buys a Hummer for $60,000,financing It with a Five-Year

Multiple Choice

Joseph buys a Hummer for $60,000,financing it with a five-year 6.5% APR loan paid monthly.He decides to pay an extra $50 per month in addition to his monthly payments.Approximately how long will he take to pay off the loan under these conditions?

A) 4 years 10 months
B) 4 years 9 months
C) 4 years 6 months
D) 4 years 4 months
E) 5 years