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

Question

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The Answer of 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

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

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