(Solution) - Helen and Morley borrowed 20 000 from Helen s father to make -(2025 Original AI-Free Solution)

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Academic Level: Undergrad. (yrs 3-4)

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Helen and Morley borrowed $20,000 from Helen?s father to make a down payment on a house. The interest rate on the loan is 8% compounded annually, but no payments are required for two years. The first monthly payment of $300 is due on the second anniversary of the loan. How long after the date of the original loan will the last payment be made?