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Determine how long will take to repay the loan

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Problem 1: While Mary Corens was a student at the University of Tennessee, she borrowed $10,000 in student loans at an annual interest rate of 11%. If Mary repays $1,600 per year, then how long (to the nearest year) will it take her to repay the loan? Do not round intermediate calculations. Round your answer to the nearest whole number.

Reference no: EM132744363

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