How long will it take alexis to pay off the loan

Reference no: EM13561611

Alexis borrows $10,000 today and promises to pay it back in equal monthly installments of $250. If the agreed loan interest rate is 6% compounded monthly, how long (how many monthly payments) will it take Alexis to pay off the loan and accrued interest completely (to a zero balance)? Use linear interpolation as necessary to get as close an answer as possible.

Reference no: EM13561611

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