How many months will the loan balance

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Sarah recently borrowed $30,000 to purchase a new car. The car loan is fully amortized over 5 years. In other words, the loan has a fixed monthly payment, and the loan balance will be zero after the final monthly payment is made. The loan has an APR of 12 percent with monthly compounding. After how many months will the loan balance be $10,000?

Reference no: EM13945135

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