QuestionAugust 27, 2025

Jonathan made a down payment on a car. Which statement is true? He has less loan left to repay. He has additional time to pay his loan back. He has more credit available. He has higher taxes.

Jonathan made a down payment on a car. Which statement is true? He has less loan left to repay. He has additional time to pay his loan back. He has more credit available. He has higher taxes.
Jonathan made a down payment on a car. Which statement is true?
He has less loan left to repay.
He has additional time to pay his loan back.
He has more credit available.
He has higher taxes.

Solution
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Answer

He has less loan left to repay. Explanation 1. Analyze the effect of a down payment A down payment reduces the principal amount borrowed, leading to a smaller loan balance. 2. Determine the impact on loan repayment With a smaller loan balance, Jonathan has less loan left to repay.

Explanation

1. Analyze the effect of a down payment<br /> A down payment reduces the principal amount borrowed, leading to a smaller loan balance.<br />2. Determine the impact on loan repayment<br /> With a smaller loan balance, Jonathan has less loan left to repay.
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