Time to repay installment loanPersonal Finance ProblemMia Salto wishes to determine how long it will take to repay a loan with initial proceeds of

$18 comma 00018,000

where annual end-of-year installment payments of

$3 comma 5223,522

are required.a.If Mia can borrow at an annual interest rate of

1414%,

how long will it take for her to repay the loan fully?b.How long will it take if she can borrow at an annual rate of

1111%?

c.How long will it take if she has to pay

1717%

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

1414%,

the amount of time it will take for her to repay the loan fully is

nothing

years.(Round to two decimal places.)