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Question 3 (20 marks) Peter borrows $564032 at nominal interest rate of 8.8000000000000007% compounded monthly. (For the purpose of the calculations, please round of the

Question 3 (20 marks)

Peter borrows $564032 at nominal interest rate of 8.8000000000000007% compounded monthly. (For the purpose of the calculations, please round of the interest rate to 1 Decimal Place). He decides to make monthly payments of $2442. How long does it take Peter to pay off the loan?

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