Solve the Problem $\$ 23,432$ Your Bank Will Give You a Loan At Loan

Multiple Choice

Solve the problem.
-You want to take out a loan to buy a new car for which you need to finance $\$ 23,432$ . Your bank will give you a loan at $11 \%$ compounded monthly. You look at your budget and decide that you can afford a payment of $\$ 268$ a month. How many years, to the nearest tenth of a year, must the loan be taken out to meet these conditions?

A) 31.0 years
B) 20.7 years
C) 8.9 years
D) 14.8 years