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Suppose that Tytos' loan from question 4 had an interest rate of 4 . 5 5 % , compounded monthly, and he made monthly payments
Suppose that Tytos' loan from question had an interest rate of compounded monthly, and he made monthly payments of $ instead of paying it all off after years. How long would it take Tytos to repay the loan? Express your answer in years and months to the nearest month. marks
tablePVPMTFVRATEPERIODPAYMENTFREQUENCYCOMPOUNDING
The loan look
years and months to pay off.
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