Mia Salto wishes to determine how long it will take to repay a $17,000 loan given that the lender requires her to make annual end-of-year installment payments of $3,209.

a.If the interest rate on the loan is 11%, how long will it take for her to repay the loan fully?

b.How long will it take if the interest rate is 8%?

c.How long will it take if she has to pay 14% annual interest?

d. Reviewing your answers in parts

a, b, and c, describe the general relationship between the interest rate and the amount of time it will take Mia to repay the loan fully.

a. If Mia can borrow at an annual interest rate of 11%, the amount of time it will take for her to repay the loan fully is

? years.(Round to two decimal places.)

b. ?

c. ?

d. ?

Answer rating: 100% (QA)

a With an 11 annual interest rate Initial loan amount 17000 Annual payment 3209 Interest rate 1... View the full answer