For how long will Sarah have to make payments of $147.00 at the end of every three months to repay a loan of $3347.00 if interest is 5% compounded quarterly? State your answer in years and months from 0 to 11 months
Hence it will take 6 years 9 months (26.96/4=6.74 means 6 years 9 months (0.74*12))
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