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The number n of monthly payments of P dollars each required to pay off a loan of A dollars in its entirety at interest rate
The number n of monthly payments of P dollars each required to pay off a loan of A dollars in its entirety at interest rate r is given by n=log(1Ar12P)log(1+r12)=(112)(1+12) A college student wants to buy a car and realizes that he can only afford payments of $180 per month. If he borrows $5,000 at 6%interest and pays it off, how many months will it take him to retire the loan? Round to the nearest month.
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