Question: How long will it take to pay off a loan of $48 comma 000 48,000 at an annual rate of 8 8 percent compounded monthly

How long will it take to pay off a loan of $48 comma 000

48,000 at an annual rate of 8

8 percent compounded monthly if you make monthly payments of $700

700? Use five decimal places for the monthly percentage rate in your calculations.

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