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Suppose you borrowed $45,000 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 $45,000 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. $13,886.39

b. $13,878.99

c. $13,890.09

d. $13,893.79

e. $13,882.69

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