The number of years it takes to pay off loan

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Reference no: EM131969763

How long will it take to pay off a loan of ?$51,000 at an annual rate of 11 percent compounded monthly if you make monthly payments of ?$500?

Use five decimal places for the monthly percentage rate in your calculations.

The number of years it takes to pay off the loan is ___ years.

Reference no: EM131969763

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