Question: A $ 1 3 , 0 0 0 loan is to be amortized by equal monthly payments for five years. The interest rate is 1

A $13,000 loan is to be amortized by equal monthly payments for five years. The interest rate is 12% compounded monthly.How much interest will the debtor pay in total over the five-year period?
a
$4350.80
b
$17,350.80
c
$17,178.60
d
$4116.84

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