Kendall borrows 100000 on january 1 1993 to be repaid in, Ask an Expert

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Kendall borrows 100.000 on January 1, 1993 to be repaid in twelve annual installments at an annual effective interest rate of 8 %. The first payment is due on January 1, 1994. Instead of annual payments Kendall decides to make monthly payments equal to one-twelfth the annual payment beginning on Februarv 1, 1993. How many months will it take to pay off the loan'?

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