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3. Mr. Smith has arranged for a mortgage loan of $200,000. The annual rate on the loan is 12%. The bank requires Mr. Smith to

3. Mr. Smith has arranged for a mortgage loan of $200,000. The annual rate on the loan is 12%. The bank requires Mr. Smith to make payments of $4,212.90 at the end of every month. How many payments will Mr. Smith have to make?

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