Question: You decide to do some remodeling in the kitchen. Your parents agree to lend you the money, but you insist on paying them interest. The

  1. You decide to do some remodeling in the kitchen. Your parents agree to lend you the money, but you insist on paying them interest. The agreement is that they will lend you $8000.00 at a simple interest rate of 2% per year. Once the interest amounts to $480, you agree to pay them back the $8000 plus the $480 interest. How many months will it take you to pay back this loan if the interest amounts to $480.00? Be sure to show all your work

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