Mathematics, 03.05.2021 21:10 hogwartsalicia

Currently, you owe the bank TL 9.800 for a car loan. The loan has an interest rate of 7,75% per year with monthly compounding. You were making payments of TL 310 for each ending month. Your bank has recently changed such that you can no longer afford to make these TL 310 payments. After talking withyour bank officer and explaining the situation, he has agreed to lower your monthly payments to TL225 while keeping the interest rate at 7,75 % per year with monthly compounding. Determine how much longer it will take you to repay this loan than you had originally planned with this new payment schedule.

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Currently, you owe the bank TL 9.800 for a car loan. The loan has an interest rate of 7,75% per year...