w the amount of money they receive from the sale after paying off the mortgage. 9. You want to take out a loan to buy a new car for which you need to finance $23.407. Your bank will give you a loan at 1% compounded monthly. You look at your budget and decide that you can afford a payment of $254 a month. How many years, to the nearest tenth of a year, must the loan be taken out to meet these conditions