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How long will take to pay off the loan

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Problem 1: You are granted a personal car loan for the total borrowing amount of $30,000. The borrowing rate is 7.2% compounding monthly. You are required to make an equal payment every month so that by the end of the loan, the total principle will be paid off. If the most you can afford for monthly payment is $950, how long will it take you to pay off this loan?

Reference no: EM132977083

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