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1) You borrow $320,000.00 that charges you 5.5% interest, compounded monthly. You will make payments monthly in the amount of $2,200.00. How many payments will

1) You borrow $320,000.00 that charges you 5.5% interest, compounded monthly. You will make payments monthly in the amount of $2,200.00. How many payments will it take for you to payoff the loan? It will take _________ monthly payments. (Round to 2 decimal places.)

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