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Suppose you take out a $10,000 loan at a 6% nominal annual rate
Suppose you take out a $10,000 loan at a 6% nominal annual rate. The terms of the loan
require you to make 12 equal end-of-month payments each year for 4 years, and then an
additional final (balloon) payment of $4,000 at the end of the last month. What will your
equal monthly payments be?
a.
$137.96
b.
$145.22
c.
$152.86
d.
$160.91
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