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Annuity number of? periods

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?(Annuity number of? periods)

How long will it take to pay off a loan of ?$48,000 at an annual rate of 11 percent compounded monthly if you make monthly payments of ?$700?? Use five decimal places for the monthly percentage rate in your calculations.

The number of years it takes to pay off the loan is____ years. ?(Round to one decimal? place.)

Reference no: EM132705335

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