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A car dealership offers a 120-month loan for a blue car costing 30,000, with an annual nominal interest rate of 9% compounded monthly and level
A car dealership offers a 120-month loan for a blue car costing 30,000, with an annual nominal interest rate of 9% compounded monthly and level end-of-month payments. The dealership also offers a loan for a red car costing 33,000, with the same interest rate and endof-month payments as for the loan for the blue car. Calculate the number of months needed to pay off the loan for the red car. (A) 132(B)135(C)138(D)140(E)141
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