Personal Finance Problem P5-61 Time to repay installment loan Mia Salto wishes to determine how long it will take to repay a loan with initial proceeds of $14,000 where annual end-of-year install-...

Extracted text: Personal Finance Problem P5-61 Time to repay installment loan Mia Salto wishes to determine how long it will take to repay a loan with initial proceeds of $14,000 where annual end-of-year install- ment payments of $2,450 are required. a. If Mia can borrow at a 12% annual rate of interest, how long will it take for her to repay the loan fully? b. How long will it take if she can borrow at a 9% annual rate? c. How long will it take if she has to pay 15% annual interest?