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Posted on Jul 21, 2024

A pottery factory purchases a continuous belt conveyor kiln for $62,000. A 6.2% APR loan with monthly payments is taken out to purchase the kiln.

A pottery factory purchases a continuous belt conveyor kiln for

$62,000.

6.2%

APR loan with monthly payments is taken out to purchase the kiln. If the monthly payments are

$553.01,

over what term is this loan being paid?

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