Multiple Choice
Sielert Corporation borrowed $1,500,000 from National Bank on May 31, 2016. The three-year, 7% note required annual payments of $571,575 beginning May 31, 2017. The total amount of interest to be paid over the life of the loan is
A) $105,000.
B) $214,725.
C) $419,005.
D) $315,000.
Correct Answer:
Verified
Correct Answer:
Verified
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