How many additional years will be required to retire the, Financial Management

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How many additional years will be required to retire the

You have graduated from college but unfortunately have $32,000 in outstanding loans. The loans require annual payments of $3,245 which covers interest and princi- pal repayment. If the interest rate is 4 percent, how long will it take you to repay the debt? If the powers that be raise the rate to 6 percent, how many additional years will be required to retire the loans?

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