You want to take out a loan to buy a new car for which you need to

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You want to take out a loan to buy a new car for which you need to finance $20,089. Your bank will give you a loan at 10% compounded monthly. You look at your budget and decide that you can afford a payment of $269 a month.

How many years, to the nearest tenth of a year, must the loan be taken out to meet these conditions?

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Personal Finance

ISBN: 978-1133595830

12th edition

Authors: Thomas Garman, Raymond Forgue

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Posted Date: Apr 19, 2023 12:11 AM

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You want to take out a loan to buy a new car for which you need to

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To determine the time it takes to pay off the loan we can use the ... View the full answer

Personal Finance

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