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Upon graduation from college, Lisa had accumulated a debt of $18,400. No interest was charged while she was in college, but the lending institution charges 8% interest compounded monthly starting at graduation. Lisa wishes to repay her debt as quickly as possible but can afford payments of only $350 per month. How long will it take her to repay her debt? Solve algebraically and round your answer to the nearest month.

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Financial Management, Finance

Category:- Financial Management
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