Suppose you wish to take out a loan for $15,000 at an annual

Last updated: 7/18/2022

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