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An individual borrows $48,000 for 4 years at a simple annual rate of interest of zero percent. Payments are in the form of a monthly

An individual borrows $48,000 for 4 years at a simple annual rate of interest of zero percent. Payments are in the form of a monthly regular or ordinary annuity. What is the monthly payment?

	a.	$1,000
	b.	there is no monthly payment as the loan has no interest
	c.	cannot calculate because the interest rate is zero
	d.	there is only a balloon payment of $48,000 at the end of 4 years

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