Question: 39.) A 3-year fixed payment loan has an annual payment of $906. The interest rate for the loan is 7.7%. What is the duration (in

39.) A 3-year fixed payment loan has an annual payment of $906. The interest rate for the loan is 7.7%. What is the duration (in years) of the fixed-payment loan? Round your answer to at least 2 decimal places.

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