The time period of the loan amount should be for 4 years, that is 48 months.
The time period for the repayment of the personal loan of amount $9,000 is taken at an interest rate of 9.5% that is compounded monthly.
In the given case the couple wants to keep the monthly payment of less than $250.
We need to determine the time period for which the loan must be requested in order to consider their per-month payment.
The time period is calculated by the online personal loan calculator.
The computation of the time period is done by the trial and error method. When the years are changed the amount of monthly payment due will also change.
Therefore, in 4 years, that is 48 months the monthly payment will be $216 that is below $250.
Thus, option c. 48 months is correct.
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