You've just bought a new flat-screen TV for $3,000 and the store you bought it from offers to let you finance the entire purchase at an annual rate of 16 percent compounded monthly. If you take the financing and make monthly payments of $130, how long will it take to pay off the loan? How much will you pay in interest over the life of the loan?
a. The number of years it will take to pay off the loan is years. (Round to one decimal place.)
b. The amount you will pay in interest over the life of the loan is $ (Round to the nearest cent.)