Time to repay installment loan Personal Finance Problem Mia Salto wishes to determine how long it will take to repay a $$20,000$ loan given that the lender requires her to make

annual end$-$of$-$year installment payments of $$3,023.$

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

b$.$ If Mia can borrow at an annual interest rate of $9\%,$ the amount of time it will take for her to repay the loan fully is

c$.$ If Mia can borrow at an annual interest rate of $15\%,$ the amount of time it will take for her to repay the loan fully is

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. $($Select the

best answer below.$)$

A$.$ The higher the interest rate, the lower the number of time periods needed to repay the loan fully.

B$.$ The lower the interest rate, the greater the number of time periods needed to repay the loan fully.

C$.$ The interest rate does not affect how long it will take to repay the loan.

D$.$ The higher the interest rate, the greater the number of time periods needed to repay the loan fully.

years. $($Round to two decimal places.$)$

years. $($Round to two decimal places.$)$

years. $($Round to two decimal places.$)$