Question: You've just bought a new flat - screen TV for $ 3 , 4 0 0 and the store you bought it from offers to

You've just bought a new flat - screen TV for $ 3 , 4 0 0 and the store you bought it from offers to let you finance the entire purchase at an annual rate of 1 1 percent compounded monthly. If you take the financing and make monthly payments of $ 1 5 0 , how long will it take to pay off the loan? How much will you pay in interest over the life of the loan? a . The number of years it will take to pay off the loan is 7 7 years. ne decimal place. )

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