Question: Sandra has borrowed $ 2 0 , 0 0 0 from the bank. The current annual rate is at 7 . 8 % , but

Sandra has borrowed $20,000 from the bank. The current annual rate is at 7.8%, but is compounded quarterly. If she makes semi-annual payments $554.15. You wish to know the time it will take her to repay the loan. Find m (the number of compounding periods per year)

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