Kim has just graduated from law school. She had taken an education loan of $45,000, which now must be repaid in equal monthly installments over the next six years. What is the amount of the monthly loan repayment, if the loan carries a simple annual interest of 5 percent? The first payment will be made in one month.
A. $689.76
B. $721.71
C. $702.46
D. $658.92
E. $724.72
Answer: E
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