Question: An individual borrows $1,000,000 for 20 years at a simple annual rate of interest of 6 percent. Payments are in the form of a monthly

An individual borrows $1,000,000 for 20 years at a simple annual rate of interest of 6 percent. Payments are in the form of a monthly annuity due. What is the dollar amount of each monthly annuity due payment?

	a.	$7,129
	b.	$2,164
	c.	$2,153
	d.	$7,164

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