You borrow $6,730 to purchase furniture for your house. You agree to make monthly payments for 5 years to pay for the furniture. If the interest rate is 6 percent with monthly compounding, how much are your monthly payments? Assume the first payment is made one month after purchase.
A) $123.45
B) $124.93
C) $95.91
D) $130.11
E) $96.46
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