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4 January, 12:09

Use the given formula to solve the following problem: when the amount financed is $12,000, the monthly payment is $422.36, and the annual interest rate is 6.65%, how long do you have to pay? n = log of the quantity p divided by the quantity p minus eh r, divided by the log of the quantity 1 plus r

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  1. 4 January, 12:12
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    12000=422.36[ (1 - (0.0665/12) ^ (-X)) / (0.0665/12) ]

    Solve for x

    X=31 months
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