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A $25,000 Loan at 9% Compounded Monthly Is to Be

Question 65

Multiple Choice

A $25,000 loan at 9% compounded monthly is to be repaid by two equal payments due 1.5 years and 2.5 years after the date of the loan. What is the size of each payment?


A) $11,939.97
B) $14,940.15
C) $15,015.33
D) $18,266.18
E) $22,855.95

Correct Answer:

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