Multiple Choice
Your company has just taken out a 1-year installment loan for $72,500. The nominal rate is 12.0%, but with equal end-of-month payments. What percentage of the SECOND monthly payment will go toward the repayment of principal?
A) 76.85%
B) 80.89%
C) 85.15%
D) 89.63%
Correct Answer:
Verified
Correct Answer:
Verified
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