You've just bought a new flat-screen TV for

$3,200

and the store you bought it from offers to let you finance the entire purchase at an annual rate of

12

percent compounded monthly. If you take the financing and make monthly payments of

$130,

how long will it take to pay off the loan? How much will you pay in interest over the life of the loan?

Question content area bottom

Part 1

a. The number of years it will take to pay off the loan is

enter your response here

years