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Michael took out a loan for $35,500 today. The interest rate on the loan was an APR of 12% compounded monthly. Michael pays annual payments

Michael took out a loan for $35,500 today. The interest rate on the loan was an APR of 12% compounded monthly. Michael pays annual payments of $9,800, how many years will it take before Michael pays back the loan?

a.

4.56

b.

5.03

c.

6.25

d.

8.10

e.

5.15

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