How long will it take to pay off a loan of at an annual rate

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Reference no: EM131971036

How long will it take to pay off a loan of ?$50,000 at an annual rate of 9 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. ?(Round to one decimal place.)

Reference no: EM131971036

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