Make payments to the bank at the end of every month

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Reference no: EM131361093

How much will you owe a bank at the end of the 27th month if you took a loan of $25,000 for a period of 72 months at a rate of 9% per year compounded monthly, if you paid the bank your entire bonus of $9,000 at the end of the 12th month to bring down the loan quickly? You make payments to the bank at the end of every month.

a. $421

b. $3,727

c. $7,090

d. $11,063

Reference no: EM131361093

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