Vincent had to make payments of $1,125 every 6 months to settle a $23,000 loan that he received at 5.12% compounded semi-annually. a. How long did it take to settle the loan? years months

Intermediate Algebra
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ISBN:9780998625720
Author:Lynn Marecek
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Chapter2: Solving Linear Equations
Section2.2: Use A Problem Solving Strategy
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Vincent had to make payments of $1,125 every 6 months to settle a $23,000 loan that
he received at 5.12% compounded semi-annually.
a. How long did it take to settle the loan?
years
months
Express the answer in years and months, rounded up to the next month
Transcribed Image Text:Vincent had to make payments of $1,125 every 6 months to settle a $23,000 loan that he received at 5.12% compounded semi-annually. a. How long did it take to settle the loan? years months Express the answer in years and months, rounded up to the next month
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