Suppose you borrowed

$12,000

at a rate of

9.0%

and must repay it in 4 equal installments at the end of each of the next 4 years. How large would your payments be?\ a.

$3,889.23

\ b.

$4,502.26

\ c.

$3,704.02

\ d.

$4,287.87

\ e.

$4,083.69

\

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Suppose you borrowed $12,000 at a rate of 9.0% and must repay it in 4 equal installments at the end of each of the next 4 years. How large would your payments be? a. $3,889.23 b. $4,502.26 c. $3,704.02 d. $4,287.87 e. $4,083.69