You want to buy a house, and a local bank will lend you $100,000. The loan will be fully amortized over 20 years (240 months), and the nominal interest rate will be 12% with interest paid monthly. What will be the monthly loan payment? $13,387.88 $1,101.09 $5,541.53 $12,000.00

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A: The loan amount is calculated below

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