Question: You borrowed $5,000 at 6% compounded annually. Your payments are $1,442.96 at the end of each year. How many years will you make payments on

You borrowed $5,000 at 6% compounded annually. Your payments are $1,442.96 at the end of each year. How many years will you make payments on the loan?

a.

5 years
b.

7 years
c.

6 years
d.

4 years

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