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Suppose you borrowed $37,000 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 $37,000 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. $11,420.74

b. $12,580.00

c. $8,090.74

d. $13,057.13

e. $10,477.74

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