Moe takes out a conventional loan to purchase a car. The interest rate is 8.3% compounded monthly and Moe has eight years to repay the $12,000 he borrowed. What are Moe's monthly payments?
A) $385.07
B) $305.21
C) $186.49
D) $171.48

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The Answer of Moe takes out a conventional loan to purchase a car. The interest rate is 8.3% compounded monthly and Moe has eight years to repay the $12,000 he borrowed. What are Moe's monthly payments?
A) $385.07
B) $305.21
C) $186.49
D) $171.48

Moe Takes Out a Conventional Loan to Purchase a Car