How long will it take to pay off a loan of $45,000 at an annual rate...

How long will it take to pay off a loan of $45,000 at an annual rate of 8 percent compounded monthly if you make monthly payments of $600? Use five decimal places for the monthly percentage rate in your calculations.

Expert Solution

SEE THE IMAGE. ANY DOUBTS, FEEL FREE TO ASK. THUMBS UP PLEASE

As nothing was mentioned excel is used.

ANSWER IS GIVEN IN MONTHS (rounded) AND ALSO IN YEARS (rounded to 2 decimals)

jeff jeffy answered 7 months ago

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