If no payments are made, a loan of amount $36000 would increase to $43070.89 after 2 years of monthly compounding interest. If instead, payments of $579.21 are made at the end of each month, how many years would it be until the loan is paid off?

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If no payments are made, a loan of amount $36000 would increase to $43070.89 after 2 years of monthly
compounding interest. If instead, payments of $579.21 are made at the end of each month, how many years
would it be until the loan is paid off?
Transcribed Image Text:If no payments are made, a loan of amount $36000 would increase to $43070.89 after 2 years of monthly compounding interest. If instead, payments of $579.21 are made at the end of each month, how many years would it be until the loan is paid off?
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