Question: its not working and is cjanging the question Monthly payments were originally calculated to repay a $20,000 loan at 7% compounded monthly over a 10-year
its not working and is cjanging the question
Monthly payments were originally calculated to repay a $20,000 loan at 7% compounded monthly over a 10-year period. After one year, the debtor took advantage of an option in the loan contract to increase the loan payments by 15%. How much sooner will the loan be paid off? (Do not round intermediate calculations. Round up the number of payments.) The loan will be paid off year and months sooner.
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