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Jake lives in the United States and was between jobs when he had an accident requiring hospitalization. Now, he faces a substantial medical bill of
Jake lives in the United States and was between jobs when he had an accident requiring hospitalization. Now, he faces a substantial medical bill of $15,008.00. The hospital agreed to put him on a payment plan requiring him to pay $300 at the end of each month. The offered rate is 11.00% (monthly compounded). How long (in months) will it take Jake to pay down him debt? (Round up to the nearest full number) How much interest does Jake pay over the life of the loan?
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