You are thinking about a piece of art that costs $50,000. The art dealer proposes the following deal: He will lend you the money, and you will repay the loan by making the same payment every three months for the next 20 years (i.e. 80 total payments). If the interest rate is 6% APR with monthly compounding, how much will you have to pay every three months? $1,080.03 $1,027.99 No answer is within $10 of the correct answer $1,101.23 $1,133.42