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(Annuity number of periods)How long will it take to pay off a loan of $48,000 at an annual rate of 12 percent compounded monthly if

(Annuity number of periods)How long will it take to pay off a loan of

$48,000

at an annual rate of

12

percent compounded monthly if you make monthly payments of

$550?

Use five decimal places for the monthly percentage rate in your calculations.

The number of years it takes to pay off the loan is

nothing

years.(Round to one decimal place.)

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