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You borrow $25,000 from your local credit union at 12 percent compounded monthly. You repay the loan by making equal monthly payments over the next

You borrow $25,000 from your local credit union at 12 percent compounded monthly. You repay the loan by making equal monthly payments over the next four years. How much is each monthly payment?

$520.83

$685.55

$658.35

$720.32

none of the above

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