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Walter wants to borrow $ 1 2 , 0 0 0 . 0 0 from the bank and is choosing among two possible loans. The

Walter wants to borrow $12,000.00 from the bank and is choosing among two possible loans. The interest rate on both loans is 1.5 percent per month. Loan A would require him to make 50 equal monthly payments, with the first payment made to the bank in 1 month. Loan B would also require him to make equal monthly payments to the bank. However, 1) the monthly payment associated with loan B would be $30.00 less than the monthly payment associated with loan A, and 2) the first monthly payment for loan B would be made to the bank later today. How many monthly payments to the bank must be made with loan B?
56.19 payments
57.52 payments
50.00 payments
43.36 payments
the answer cannot be obtained with the given information

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