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Suppose you borrowed $2,000 at a rate of 9.0% and must repay it in 4 equal installments at the end of each of the next

Suppose you borrowed $2,000 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?

Select the correct answer.

a. $614.04

b. $620.64

c. $610.74

d. $623.94

e. $617.34

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