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A pottery factory purchases a continuous belt conveyor kiln for $45,000. A 6.5% APR loan with monthly payments is taken out to purchase the kiln.

A pottery factory purchases a continuous belt conveyor kiln for $45,000. A 6.5% APR loan with monthly payments is taken out to purchase the kiln. If the monthly payments are $392.01, over what term is this loan being paid?

A. 14 years

B. 13 years

C. 16 years

D. 15 years

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