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Kai's Kitchen takes a loan of $27,800 to buy cooking equipment. The loan is repayable in monthly payments over 5 years at an interest rate

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Kai's Kitchen takes a loan of $27,800 to buy cooking equipment. The loan is repayable in monthly payments over 5 years at an interest rate of 8.6 percent per year, compounded monthly. What is the amount of each payment? Multiple Choice $510.23 $496.67 $571.70 None of the options are correct

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