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A firm is borrowing $1 million to expand its operations. The annual interest on the loan is 13% and the loan will be repaid in

A firm is borrowing $1 million to expand its operations. The annual interest on the loan is 13% and the loan will be repaid in quarterly installments over the next for ten years. What will the quarterly payments be?

Select one:

A.

$43,262

B.

$44,246

C.

$45,028

D.

$58,492

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