Jennifer wishes to determine how long it will take to repay a 7,000 loan given that the

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Jennifer wishes to determine how long it will take to repay a £7,000 loan given that the lender requires her to make annual end-of-year installment payments of £1,225.

a. If the applicable interest rate on the loan is 9%, how long will it take her to repay the loan fully?

b. How long will it take if the interest rate is 12%?

c. How long will it take if the annual interest rate is increased to 15%?

d. Reviewing your answers in parts a, b, and c, describe the general relationship between the interest rate and the amount of time it will take Jennifer to repay the loan fully.

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