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Input -4800 Function PMT 25000 PV 11 I Bill Smart can borrow $25,000 at an 11% annual interest rate; equal, annual, end-of-year payments of $4,800

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Input -4800 Function PMT 25000 PV 11 I Bill Smart can borrow $25,000 at an 11% annual interest rate; equal, annual, end-of-year payments of $4,800 are required. He wishes to determine how long it will take to fully repay the loan. In other words, he wishes to determine how many years, n, it will take to repay the $25,000, 11% loan, PVn, if the payments of $4,800 are made at the end of each year. CPT N Solution 8.15

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