John wishes to take out a loan for $4000. The interest rate on this loan would be

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Question:

John wishes to take out a loan for $4000. The interest rate on this loan would be 12% per annum and Tom wishes to make equal monthly repayments, over two years starting one month after the loan is taken out. What would be the monthly repayment on the loan to the nearest

a. $169.17

b. $188.29.

c. $181.82

d. $166.67