Multiple Choice
Suppose you borrowed $25,000 at a rate of 8.5% and must repay it in 5 equal installments at the end of each of the next 5 years.By how much would you reduce the amount you owe in the first year?
A) $5,804.89
B) $5,572.70
C) $4,469.77
D) $5,920.99
E) $5,108.30
Correct Answer:
Verified
Correct Answer:
Verified
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