Multiple Choice
You have borrowed $130,000 to buy a new motor home. Your loan is to be repaid over 15 years at 8% compounded monthly. If you pay an extra $200 per month on the motor home, how many years will it take to pay off the loan?
A) 10.3 years
B) 11.5 years
C) 12.8 years
D) 13.3 years
Correct Answer:
Verified
Correct Answer:
Verified
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