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A pottery factory purchases a continuous belt conveyor kiln for $60,000. 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 $60,000.

A 6.5% APR loan with monthly payments is taken out to purchase the kiln. If the monthly payments are

$544.87, over what term is this loan being paid?

A.15 years

B.14 years

C.13 years

D.12 years

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