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2 out of 16 Suppose that individual borrows $12,000 from the bank. The nominal interest rate charged is 7% compounded continuously. He must repay the

2 out of 16 Suppose that individual borrows $12,000 from the bank. The nominal interest rate charged is 7% compounded continuously. He must repay the loan in equal payments every six months over the next eight years. The amount of each annual payment is a. $992.22 b. $1,744.73 c. $2,009.61 d. $996.84

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