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QUESTION 7 A company borrows $150,000 today on a 5-year loan at 10% nominal annual interest, compounded monthly. What would the monthly payment be? $2,950.01

QUESTION 7

A company borrows $150,000 today on a 5-year loan at 10% nominal annual interest, compounded monthly. What would the monthly payment be?
$2,950.01
$2,997.27
$3,187.06
$2,900.00

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