Question: How long will it take to pay off a loan of $48,000 at an annual rate of 11 percent compounded monthly if you make monthly

How long will it take to pay off a loan of $48,000 at an annual rate of 11 percent compounded monthly if you make monthly payments of $600? 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 decimalplace.)

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