Question: Please provide step-by-step solution to the following question with explanation. You have a remaining balance of $40,000 on a loan. The interest rate on this

Please provide step-by-step solution to the following question with explanation.

You have a remaining balance of $40,000 on a loan. The interest rate on this loan is 22.50% APR, which is compounded monthly. At the end of each month, if you make a payment of 52,250, how many months will it take to pay off the loan

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