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4. You bought a car for $32,600. The dealer arranges a loan with an APR of 6.7% compounded monthly, and says you will only have
4. You bought a car for $32,600. The dealer arranges a loan with an APR of 6.7% compounded monthly, and says you will only have to pay $385 per month. How long will it take to pay off the loan? (Round to the nearest tenth)
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