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(Annuity number of​ periods)  How long will it take to pay off a loan of ​$51...

(Annuity number of​ periods)  How long will it take to pay off a loan of ​$51 comma 000 at an annual rate of 9 percent compounded monthly if you make monthly payments of ​$700​? Use five decimal places for the monthly percentage rate in your calculations. The number of years it takes to pay off the loan is nothing years.  ​(Round to one decimal​ place.)

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Answer #1

8.8 Years

Time = =nper(rate,pmt,-pv) Where,
=         105.8 Months rate = 9%/12 = 0.0075
pmt = $        700
pv = $ 51,000
Time in years =         105.8 / 12
=             8.8 Years
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