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How long will it take to retire a loan

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Question: At a nominal annual interest rate of 10% compounded monthly, how long (how many months) will it take to retire a $50,000 loan using equal monthly payments of $500 (with the payments made at the end of each month)? The response must be typed, single spaced, must be in times new roman font (size 12) and must follow the APA format.

Reference no: EM131734209

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