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A pottery factory purchases a continuous belt conveyor kiln for $43,000. A 6.4% APR loan with monthly payments is taken out to purchase the kiln.
A pottery factory purchases a continuous belt conveyor kiln for $43,000. A 6.4% APR loan with monthly payments is taken out to purchase the kiln. If the monthly payments are $406.71, over what term is this loan being paid?
A) 12 years
B) 13 years
C) 11 years
D) 14 years
Please write out and explain. Thanks
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