Multiple Choice
John borrowed $20,000 to finance his college education. If the finance charge on the loan is 6 percent, and he will pay off the loan in 10 equal, annual, end-of-year payments, how much total interest will he pay?
A) $7,173.90
B) $2,717.39
C) $12,000.00
D) $25,924.23
Correct Answer:
Verified
Correct Answer:
Verified
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