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Suppose you wish to take out a loan for $15,000 at an annual interest rate of 5.25%, compounded monthly. If you want each payment

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Suppose you wish to take out a loan for $15,000 at an annual interest rate of 5.25%, compounded monthly. If you want each payment to be as close as possible to $200.00, how long should the period of the loan be? (Use the interactive figure to find your answer.) Click here to launch the interactive figure. Choose the correct answer below. 10 years 9 years O 8 years O 7 years

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