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You borrow $5,530 to purchase furniture for your house. You agree to make monthly payments for...

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Finance

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

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Transcribed Image Text

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

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