Time to repay installment loan Personal Finance Problem Mia Salto wishes to determine how long it will take to repay a $$9,000$ loan given that the lender requires her to make annual end$-$of$-$year installment payments of $$1,607.$

a$.$ If the interest rate on the loan is $12\%,$ how long will it take for her to repay the loan fully?

b$.$ How long will it take if the interest rate is $9\%?$

c$.$ How long will it take if she has to pay $15\%$ annual interest?

d$.$ Reviewing your answers in parts $a,b,$ and $c,$ describe the general relationship between the interest rate and the amount of time it will take Mia to repay the loan fully.

a$.$ If Mia can borrow at an annual interest rate of $12\%,$ the amount of time it will take for her to repay the loan fully is years. $($Round to two decimal places.$)$