How long will it take to settle the loan

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Reference no: EM131592457

Lush Gardens Co. bought a new truck for $56,000. It paid $5,600 of this amount as a down payment and financed the balance at 3.25% compounded semi-annually. If the company makes payments of $1,600 at the end of every month, how long will it take to settle the loan?

Reference no: EM131592457

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