Multiple Choice
Assume you borrow $5,000 today and pay back the loan in one lump sum four years from today. You are charged 8 percent interest per year. What amount will you pay back and how much interest will you pay?
A) $6,399.56, $1,399.56
B) $6,508.21, $1,508.21
C) $6,802.44, $1,802.44
D) $7,902.11, $2,902.11
Correct Answer:
Verified
Correct Answer:
Verified
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