The third file is for a client named Alexei Alexei took out a personal loan exactly one year ago with Harrison Bank From his file, you have noted the following information Original loan amount $54,000 Current loan outstanding $49755 64 Monthly repayment $740 Next repayment Due exactly 1 month from now Interest rate on loan i12 8 9 If Alexei continues making monthly repayments of $740, and if the interest rate does not change, how many further FULL repayments does he expect to have to make in order to repay the loan Do NOT include any final smaller repayment to pay off the remaining balance

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Question: The third file is for a client named Alexei. Alexei took out a personal loan exactly one year ago with Harrison Bank. From his file,

The third file is for a client named Alexei. Alexei took out a personal loan exactly one year ago with Harrison Bank. From his file, you have noted the following information:

Original loan amount: $54,000
Current loan outstanding: $49755.64
Monthly repayment: $740
Next repayment: Due exactly 1 month from now
Interest rate on loan:i12=8.9%

If Alexei continues making monthly repayments of $740, and if the interest rate does not change, how many further FULL repayments does he expect to have to make in order to repay the loan? Do NOT include any final smaller repayment to pay off the remaining balance.

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