saadiscool09 saadiscool09

07-06-2024
Mathematics

Answered

You decide that you want to purchase a Tesla SUV. You borrow \$95,000 for the purchase. You agree to repay the loan by paying equal monthly payments of \$1,200 until the balance is paid off. If you're being charged 6\% per year, compounded monthly, how long will it take you to pay off the loan?

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