# Green Industries purchased a machine from Cyan Corporation on October 1, 2021. In payment for the \$144,000 purchase, Green issued a one-year installment note to be paid in equal monthly payments at the end of each month. The payments include interest at the rate of 12%. Monthly installment payments are closest to: Multiple ChoiceA. \$12,000.B. \$12,445.C. \$12,668.D. \$12,794.

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Green Industries purchased a machine from Cyan Corporation on October 1, 2021. In payment for the \$144,000 purchase, Green issued a one-year installment note to be paid in equal monthly payments at the end of each month. The payments include interest at the rate of 12%. Monthly installment payments are closest to:

Multiple Choice

A. \$12,000.
B. \$12,445.
C. \$12,668.
D. \$12,794.
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Step 1

Calculate the monthly interest rate.

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