Zoey is buying a car and needs to borrow \$14,000$14,000 from a bank offering a monthly interest rate of 0.25%. If Zoey makes monthly payments of \$175$175, determine how long it will take her to pay off the loan, to the nearest tenth of a year, using the formula below. M=\frac{Pr(1+r)^n}{(1+r)^n-1}
M=
(1+r)
n
−1
Pr(1+r)
n

​

M=M= the monthly payment
P=P= the amount borrowed
r=r= the interest rate per month
n=n= the number of payments