Question: How long will it take to pay off a loan of $46,000 at an annual rate of 8% compounded if you make monthly payments of

How long will it take to pay off a loan of $46,000 at an annual rate of 8% compounded if you make monthly payments of $400? Use five decimal places for the monthly percentage rate in your calculations. The number of years it takes to pay off the loan is ___ years. (round to one decimal place)

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