1 point Recall that the formula for a simple interest amortized loan, with initial loan value year for t years at annual interest rate r is o monthly payments of size M, with interest compounded tn es er 7n Ben buys his $230,000 home and, after the $40,000 down payment, finances the remainder with a simple interest amortized loan. Ben can pay at most $1,200 per month for the loan, on which the lender has set an annual rate of 5%, which is compounded monthly. Ben will have his home loan paid off in about years and months (rounding up)