Question: How long will it take to pay off a loan of $52,000 at an annual rate of 11 percent compounded monthly if you make monthly

How long will it take to pay off a loan of

$52,000

at an annual rate of

11

percent compounded monthly if you make monthly payments of

$500?

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

The number of years it takes to pay off the loan is

nothing

years.(Round to one decimal place.)

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