Suppose you borrowed $12,000 at a rate of 9.0% and must repay it in 4 equal installments at the end of each of the next 4 years. How large would your payments be?
A. $3,704.02
B. $3,889.23
C. $4,083.69
D. $4,287.87
E. $4,502.26
Answer: A
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