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A pottery factory purchases a continuous belt conveyor kiln for $40,000. A 7% APR loan with monthly payments is taken out to purchase the kiln.

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A pottery factory purchases a continuous belt conveyor kiln for $40,000. A 7% APR loan with monthly payments is taken out to purchase the kiln. If the monthly payments are $411.34, over what term is this loan being paid? A. 12 years B. 13 years c. 10 years D. 11 years

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