Problem $7-18$

You have graduated from college but unfortunately have $$31,000$ in outstanding loans. The loans require payments of $$3,550$ per year, which covers interest and principal repayment $($that is$,$ the loan has the same basic features as a mortgage$).$ If the interest rate is $3$ percent, how long will it take you to repay the debt? Use Appendix $D$ to answer the question. Round your answer up to the next whole number.

If the powers that be raise the rate to $6$ percent, how many additional years will be required to retire the loans? Use Appendix D to answer the question. Round your answer up to the next whole number.

Interest Factors for the Present Value of an Annuity of One Dollar

$\backslash$table$[[\backslash$table$[[$ime$],[$eriod$],[$eg$.],[$ear$)]],14,2\%,3\%,4\%,5\%,6\%,7\%,8\%,9\%,10\%,12\%,14\%,16\%,18\%,20\%,24\%,28\%,32\%,36\%$