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You borrow $5,530 to purchase furniture for your house. You agree to make monthly payments for 4 years to pay for the furniture. If the

You borrow $5,530 to purchase furniture for your house. You agree to make monthly payments for 4 years to pay for the furniture. If the interest rate is 5 percent with monthly compounding, how much are your monthly payments? Assume the first payment is made one month after purchase. $103.95 $123.18 $127.35 $104.31 $121.90

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