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How much time will it take to repay the amount

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Reference no: EM13304538

Mary Ann Sue just made a payment of $118,347 for an RV by borrowing the amount. The amount is to be repaid in installments of $13,200 every year starting next year. How much time will it take to repay the amount if the appropriate annual rate is 7.8%?

a. 14 years
b. 13 years
c. 16 years
d. 11 years

 

Reference no: EM13304538

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