Question 3 John takes out a loan of \( \$ 11000 \) that charges \( 9 \% \) interest compounded monthly. If John makes \( \$ 100 \) monthly payments, determine how long it will take him to pay off the loan. Round your answer up. John will pay off the \( \$ 11000 \) loan after Time Value of Money Solver Enter the given values. \( \mathrm{N}:=\quad 0 \)

John's journey into debt repayment isn't just about numbers—it's a fascinating tale of loans and the power of monthly payments! Compounded monthly, the interest on his \( \$ 11,000 \) loan grows each month, creating a more complex repayment scenario. But here’s the key: making consistent \( \$ 100 \) payments creates a rhythm that chips away at that balance. By setting up a structured plan, John is not only tackling his debt but also becoming a maestro of financial responsibility! Here's a tip for future borrowers: always understand how interest compounds. If you don't, you might think you're making progress when, in fact, the interest is outpacing your payments! A common mistake is underestimating how much of your payment goes toward interest versus principal in the early stages. By calculating this out, you can better strategize your payments and even consider increasing them as finances allow to pay off that pesky debt faster!