Today,you Signed Loan Papers Agreeing to Borrow $4,954

question 127

Multiple Choice

Today,you signed loan papers agreeing to borrow $4,954.85 at 9% compounded monthly. The loan payment is $143.84 a month. How many loan payments must you make before the loan is paid in full?

• A) 29.89
• B) 36.00
• C) 38.88
• D) 40.00
• E) 41.03

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Definitions:

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