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How long will take to pay off the loan

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Question: A company borrows $2.6 million for 15 years at 5.6%, compounded quarterly. After 2 years of regular payments, the company's profits are such that management feels they can increase the quarterly payments to $70,000 each. How long will it take to pay off the loan, and how much interest will be saved?

Reference no: EM131785312

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