Multiple Choice
A $60,000 loan at 12% compounded semi-annually is to be repaid by monthly payments of $1,000.
-How long will it take to pay off this loan?
A) 7 years and 5 months
B) 7 years and 6 months
C) 7 years and 7 months
D) 8 years and 3 months
E) 8 years and 4 months
Correct Answer:
Verified
Correct Answer:
Verified
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