You have agreed to a $50,000 fixed-rate loan from People's Bank today and promise to repay the loan with 48 equal monthly payments at an APR of 5.50%. How large are your monthly payments? Use a financial calculator to determine your answer
A) $1,124.99
B) $1,162.82
C) $1,532.45
D) $1,602.71
Answer: B
Explanation: B) Via financial calculator: PV = -$50,000, I% = 5.50/12, N = 48, FV = 0.
Solve for PMT = $1,162.82.
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