Question: You have just borrowed $ 3 0 , 0 0 0 from the Satisfaction Auto Corp. to purchase a new car. You will be making

You have just borrowed $30,000 from the Satisfaction Auto Corp. to purchase a new car. You will be making monthly payments of $ 550. Your interest rate is 6 percent compounded monthly. How many months will it take you to pay off the loan?
Multiple Choice
63.85 Months
65.58 Months
66.27 Months
54.55 Months

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