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Posted on Sep 12, 2024

Your bank offers you a personal loan of $ 1 6 , 0 0 0 . 0 0 at an interest rate of 4 .

Your bank offers you a personal loan of $

16, 000.00

at an interest rate of

4.24 %

compounded monthly. At the end of the term, interest of $

4, 408.65

was charged on the loan. Calculate the term of this loan.

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