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You Borrow $20,000 to Buy a Boat

Question 25

Multiple Choice

You borrow $20,000 to buy a boat. The loan is to be paid off in monthly installments over one year at 18% interest annually. The first payment is due one month from today. What is the amount of each monthly payment?


A) $1,667.
B) $1,511.
C) $1,834.
D) None of these answer choices are correct.

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