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18 November, 13:36

One of your customers has just made a purchase in the amount of $23,200. You have agreed to payments of $445 per month and will charge a monthly interest rate of 1.26 percent. How many months will it take for the account to be paid off?

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  1. 18 November, 13:53
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    85.43 months

    Explanation:

    Purchase = $23,200

    Payment per month = $445

    Interest rate = 1.26%

    Therefore the solution is:

    $23,200 = $445[ (1 - 1/1.0126^t) /.0126]

    t = 85.43 months
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