[Solved] You Borrow $20,000 to Buy a Boat

Question 73
Multiple Choice

You borrow $20,000 to buy a boat.The loan is to be paid off in monthly installments over one year at 18% interest annually.The first payment is due one month from today.What is the amount of each monthly payment?

A)$1,667.
B)$1,511.
C)$1,834.
D)None of the above.

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