Find what is the size of the monthly payment

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To repay a loan of $7000, Krista must make month-end payments with 2.9% interest compounded monthly. Payments are deferred for 10 years and the loan will be completely paid off 8 years after the period of deferment.

Question 1: What is the size of the monthly payment?

Select one:

Option a. $109.00

Option b. $906.15

Option c. $109.27

Option d. $126.77

Reference no: EM132499919

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