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Simple interest model with an annual rate

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Reference no: EM131877361

Suppose Fred borrowed $5540 for 20 months and Joanna borrowed $4969.

Fred's loan used the simple discount model with an annual rate of 7.3% while Joanne's loan used the simple interest model with an annual rate of 2.9%. 

If their maturity values were the same, how many months was Joanne's loan for?

Round your answer to the nearest month.

Reference no: EM131877361

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