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How many years will it take her to pay back

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Sana wants to buy a car for $20,000. She has saved $3,000 and Bendigo Bank will give her a loan for the remainder of the price at 6% pa interest rate compounded monthly. If she borrows the funds from Bendigo Bank and pay $525 per month how many years will it take her to pay back the loan? (Show answer correct to two decimal places.)

Reference no: EM132774738

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