Question: Simon borrows $ 7 , 0 0 0 from the bank and wants to repay the amount in equal installments of $ 9 5 0

Simon borrows $7,000 from the bank and wants to repay the amount in equal installments of $950. Payments will be made at the end of each year. The bank wishes to earn interest on this loan at 6%. Approximately how many years will it take Simon to repay the loan?

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