Maureen borrowed $7872.00 compounded monthly to help finance her education. She contracted to repay the...

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Accounting

Maureen borrowed $7872.00 compounded monthly to help finance her education. She contracted to repay the loan in monthly payments of $328.00 each. If the payments are due at the end of month and interest is 5% compounded monthly, how long will Maureen have to make monthly payments? State your answer in years and months (from 0 to 11 months).

Maureen will have to make payments for ____ years and ____ months.

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