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Christina took out a loan of $98,500 at an interest rate of 12.6% compounded monthly. She paid off the loan in full over the course of exactly sixteen years. Assuming that Christina made the same payment every month for sixteen years, what was her monthly payment?

O $829.52
O $1,195.10
O $1,120.50
O $1.275.03

1 Answer

4 votes
I think the answer is 1,195.10
User Debobroto Das
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