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You have just borrowed $10,000, which you will repay over 60 months at APR of 6%. The day you make your 24 th monthly payment,
You have just borrowed $10,000, which you will repay over 60 months at APR of 6%. The day you make your 24th monthly payment, you pay an additional $1,700. After that, you continue to make your regular monthly payment. After the 24th payment, how many more payments must you make to pay off the loan?
a.20.41
b.23.98
c.25.72
d.28.63
answer is c. please show work
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