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You've borrowed $7.939.58 and agreed to pay back the loan with monthly payments of $280. Assume the interest rate is 9% stated as an APR.

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You've borrowed $7.939.58 and agreed to pay back the loan with monthly payments of $280. Assume the interest rate is 9% stated as an APR. a. How long will it take you to pay back the loan? Note: Do not round intermediate calculations. Round your answer to the nearest whole number. b. What is the effective annual rate on the loan? Note: Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places

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