The owner of a small business borrowed $50,000 today with an agreement to repay the loan with equal monthly payments over a ten-year time period. If the interest rate is nominal 24% per year compounded monthly, his loan payment each month is equal to: a. $1,102 b. $2,870 c. $1,213 d. $4,359

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A:

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A:

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A:

Q: Langara Woodcraft borrowed money to purchase equipment. The loan is repaid by making payments of…

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