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MIT 18.06 Linear Algebra, Spring 2010
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OpenStudy (anonymous):
Solve the problem. You want to take out a loan to buy a new car for which you need to finance $20,151. Your bank will give you a loan at 4% compounded monthly. You look at your budget and decide that you can afford a payment of $204 a month. How many years, to the nearest tenth of a year, must the loan be taken out to meet these conditions?
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