7. Jane must repay her 19000 student loan. She plans to 350 The banks's interest rate is 6.9% /a compounded monthly. About how many years will it take Jane to repay her loan? [4]

## Step 1: Calculate the monthly interest rate.### The annual interest rate is 6.9%, so the monthly interest rate is .## Step 2: Use the loan amortization formula.### The loan amortization formula is , where:### * is the monthly payment ( 350 r 0.00575 PV \ )### * is the number of months.### We need to solve for . The formula can be rearranged to: .## Step 3: Substitute the values and calculate .### Substituting the values, we get:### months.## Step 4: Convert months to years.### Divide the number of months by 12 to get the number of years: years. Since the question asks for "about" how many years, we can round this to approximately 5.5 years.