Multiple Choice
Suppose you borrowed $15,000 at a rate of 11.1% and must repay it in 5 equal installments at the end of each of the next 5 years.How much interest would you have to pay in the first year?
A) $1,248.75
B) $1,481.85
C) $1,615.05
D) $1,665.00
E) $1,714.95
Correct Answer:
Verified
Correct Answer:
Verified
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