The interest rate charged on a $20,000 loan is 9% compounded monthly. Calculate the monthly payments and the total interest paid during the life of the loan if the loan is to be paid off over
a) 5 years. b) 10 years. c) 15 years. d) 20 years. e) 25 years.

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The Answer of The interest rate charged on a $20,000 loan is 9% compounded monthly. Calculate the monthly payments and the total interest paid during the life of the loan if the loan is to be paid off over
a) 5 years. b) 10 years. c) 15 years. d) 20 years. e) 25 years.

The Interest Rate Charged on a $20,000 Loan Is 9