A pottery factory purchases a continuous belt conveyor kiln for $64,000. A 7.2% APR loan with monthly payments is taken out to purchase the kiln. If the monthly payments are $605.73, over what term is this loan being paid? OA. 14 years OB. 15 years OC. 12 years OD. 13 years

Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
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A pottery factory purchases a continuous belt conveyor kiln for $64,000. A 7.2% APR loan with monthly payments is taken out to purchase the kiln. If the monthly payments are $605.73, over what
term is this loan being paid?
OA. 14 years
OB. 15 years
OC. 12 years
OD. 13 years
Transcribed Image Text:A pottery factory purchases a continuous belt conveyor kiln for $64,000. A 7.2% APR loan with monthly payments is taken out to purchase the kiln. If the monthly payments are $605.73, over what term is this loan being paid? OA. 14 years OB. 15 years OC. 12 years OD. 13 years
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