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A construction company takes a loan of $505,000 to cover the cost of a new grader. If the interest rate is 8.45% APR, and payments

A construction company takes a loan of $505,000 to cover the cost of a new grader. If the interest rate is 8.45% APR, and payments are made monthly for fiveyears, what percentage of the outstanding principal does the company pay in interest eachmonth?

A.

0.8%

B.

7.04%

C.

0.65%

D.

0.7%

E.

0.75%

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