Time to repay installment loanPersonal Finance ProblemMia Salto wishes to determine how long it will take to repay a loan with initial proceeds of $14,000 where annual end-of-year installment payments of $3,350 are required.

a.If Mia can borrow at an annual interest rate of 15%, 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 11%?

c.How long will it take if she has to pay 19% 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.