Miriam and Dave Want to Borrow $25,000 to Put an Addition

question 12

Essay

Miriam and Dave want to borrow $25,000 to put an addition on their house.They went over their budget,and they can afford to pay $450 a month.If the bank offers them a home improvement loan with an APR of 6.3%,what should the length of the loan be so they can afford the monthly payments?

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Definitions:

Legal Tender

Currency that must be accepted if offered in payment of a debt, officially issued by a government or monetary authority.

Cryptocurrencies

Digital or virtual currencies that use cryptography for security and operate independently of a central bank, exemplified by Bitcoin and Ethereum.

Intermediaries

Entities or individuals that act as middlemen between different parties in a transaction, facilitating the exchange of goods, services, or information.

Electronic Currencies

digital forms of currency that exist electronically, such as cryptocurrencies, which are used for online transactions.