Question: You borrowed $800 at 6% compounded annually. Approximately how many years will you make payments on the loan if: A. your annual payment is $60?

You borrowed $800 at 6% compounded annually. Approximately how many years will you make payments on the loan if:

A. your annual payment is $60?

B. your annual payment is $48? (Hint: Why did the calculator provide an answer if the payment is $60, while returning an error message if the payment is $48? What would the answer be if the payment were $51? $55? $59?).

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