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What is the size of your monthly payment

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You need to borrow $22,000 to purchase a new truck. The current loan rate is 7.7% compounded monthly. You decide you want to pay off the loan in equal monthly payments over 4 years. What is the size of your monthly payment?

A. $401.37

B. $442.93

C. $485.26

D. $533.99

Reference no: EM13890439

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