Ames Corporation has borrowed $5 million from a bank with the understanding that it will pay the loan in monthly installments of $100,000 each. The bank charges interest at the rate of 0.8% per month. Find the time required to pay the loan.
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Ames Corporation has borrowed $5 million from a bank with the understanding that it will pay the loan in monthly installments of $100,000 each. The bank charges interest at the rate of 0.8% per month. Find the time required to pay the loan.
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