Multiple Choice
Fornelli Corporation borrowed $800,000 from Central Bank on May 31, 2019.The three-year, 7% note required annual payments of $304,840 beginning May 31, 2020.The total amount of interest to be paid over the life of the loan is
A) $56,000.
B) $114,520.
C) $223,470.
D) $168,000.
Correct Answer:
Verified
Correct Answer:
Verified
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