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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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