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13. You borrow $95,000 and agree to pay the interest and principal in monthly installments over the next 12 years. The annual interest rate of

13. You borrow $95,000 and agree to pay the interest and principal in monthly installments over the next 12 years. The annual interest rate of 12%. What are the monthly payments required to amortize this loan?

A. $1,248

B. $1,336

C. $1,400

D. $3,936

Compound interest can best be described as:

A. Interest earned on the original principal

B. The discount rate

C. Interest earned on interest only

D. Interest earned on interest and interest earned on the original principal

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