Question: Use this information for problems 3 and 4 . You borrow $ 9 , 0 0 0 for a home repair. You can afford to

Use this information for problems 3 and 4. You borrow $9,000 for a home repair. You can
afford to pay back $250 a month.
3. If you borrow the money directly from a bank, you have a 7.25% interest rate. How long
will it take you to pay off the loan?
4. If you borrow the money using a credit card, you will have a 19.85% interest rate. How
long will it take you to pay off the loan?

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