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Question
BarLey Inc. recently borrowed $125,000 from its bank at a simple interest rate of 12 percent. The loan is for one year, and the loan agreement requires the interest to be added to the amount borrowed and the total amount to be repaid in monthly installments. Compute the amount of the monthly payments on the loan.
a. $11,667
b. $12,222
c. $11,111
d. $11,997
e. $12,677
Answer
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Related questions
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