Question:
Suppose you wish to take out a loan for $15,000 at an annual
Last updated: 7/18/2022
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Suppose you wish to take out a loan for $15,000 at an annual interest rate of 5.25%, compounded monthly. If you want each payment to be as close as possible to $200.00, how long should the period of the loan be? Choose the correct answer below. 10 years 9 years 8 years 7 years