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A pottery factory purchases a continuous belt conveyor kiln for $59,000. A 8.4% APR loan with monthly payments is taken out to purchase the kiln.
A pottery factory purchases a continuous belt conveyor kiln for
$59,000.
A
8.4%
APR loan with monthly payments is taken out to purchase the kiln. If the monthly payments are
$651.66,
over what term is this loan being paid?
A.
13
years
B.
11
years
C.
10
years
D.
12
years
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