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Percentage rate in calculations

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Jack has taken out a loan of $80,000 with an annual rate of 10% compounded monthly. If Jack pays $3,500 a month, how long will it take to pay off the loan? How long will it take to pay off the loan if he can pay $4000 each month? Use five decimal places for the monthly percentage rate in your calculations. If Jack can pay $3,500 a month, how many years will it take to pay off the loan?

Reference no: EM131189954

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