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Vincent took a loan of $8,200 from his parents to purchase equipment for his hair salon. If they agreed on an interest rate of 6%
Vincent took a loan of $8,200 from his parents to purchase equipment for his hair salon. If they agreed on an interest rate of 6% compounded quarterly on the loan, what monthly payments will settle the loan in 5 years if he made his first payment 3 years and 6 months from now?
a)$194.16
b)$255.21
c)$158.42
d)$208.23
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