Solve the problem.You want to take out a loan to buy a new car for which you need to finance $21,301. Your bank will give you a loan at 7% compounded monthly. You look at your budget and decide that you can afford a payment of $257 a month. How many years, to the nearest tenth of a year, must the loan be taken out to meet these conditions?
A. 13.3 years
B. 5.7 years
C. 19.9 years
D. 9.5 years
Answer: D
Mathematics
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