Question: A $50,000 loan with interest at 8% compound semiannually is being paid off with monthly payments of $400. a) how long will it take to

A $50,000 loan with interest at 8% compound semiannually is being paid off with monthly payments of $400.

a) how long will it take to repay the loan

b) how much will the time to repay the loan be reduced if payments are $40 per month larger

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