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Nathan has a loan of $6000 to repay, with an interest rate of 8% compounded monthly. Nathan planned to make $150 payments at the end
Nathan has a loan of $6000 to repay, with an interest rate of 8% compounded monthly. Nathan planned to make $150 payments at the end of each month to repay his loan, but is considering only $100 per month. How many additional months will it take to repay the loan if he pays $100 per month instead of $150?
(Hint: Round each term in months up to a whole number before finding the difference.)
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