How long will it take to pay off loan

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Reference no: EM131855749

(Annuity number of periods). How long will it take to pay off a loan of $54,000 at an annual rate of 9% compounded monthly if you make monthly payments of $500? 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.

Reference no: EM131855749

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