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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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