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You have taken an auto loan of $57,100 from Toyota. Youre prepared to make monthly payments of $640, beginning at the end of this month.

You have taken an auto loan of $57,100 from Toyota. Youre prepared to make monthly payments of $640, beginning at the end of this month. How many years will it take to pay off your loan if the car dealer charges 8 percent interest rate?

a. 11.33

b. 18.44

c. 16.52

d. 10.56

e. 17.81

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