Question: You borrowed $ 1 3 , 5 0 0 from a bank. Interest is compounded annually and the annual interest rate is 3 . 1

You borrowed $13,500 from a bank. Interest is compounded annually and the annual interest rate is 3.13%. Suppose you make a yearly repayment of $1500 every year (except the final repayment, which you will only repay the remaining balance), how many years does it take to pay off the debt?(Round your answer up to the nearest year)

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