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Hi, trying to understand how to solve a similar problem as below:
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Hi, trying to understand how to solve a similar problem as below:

Jack has taken out a loan of \$80,000 with an annual rate of 10% compounded monthly. If Jack pays \$3,500 a month, how long will it take to pay off the loan? How long will it take to pay off the loan if he can pay \$4000 each month? Use five decimal places for the monthly percentage rate in your calculations. If Jack can pay \$3,500 a month, how many years will it take to pay off the loan?
Loan

Annual interest

Monthly payment

Months

Years

\$80,000

10%

\$3,500

25.46

2.12

Loan

Annual interest

Monthly payment

Months

Years

\$80,000

10%

\$4,000

21.97

1.83

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This question was answered on: Feb 21, 2020

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